Home Buying in Akron>Question Details

Cindy, Home Buyer in Cuyahoga Falls, OH

on a short sale how do you get your offer submitted to the bank for their approval when the seller's realtor

Asked by Cindy, Cuyahoga Falls, OH Wed May 21, 2008

refuses to present it?

Help the community by answering this question:

Answers

72
Cindy,

I'm a little weary of some of the answers you're getting. Banks avoid risk like the plague. To broadly say that for a bank to take the chance that waiting for the sheriff’s sale is going to give them the opportunity to somehow make more money later is ludicrous.

Fact - at least in Texas, banks don't "reacquire" their property at auction, they’re the ones who told the sheriff to auction the property in the first place. They want someone else to buy the property at auction for more than the minimum bid, which is typically how much money they had at risk (mortgage, fees and such). If no one bids on the property (and the bank is only going to bid against other bidders in very rare cases), then the bank keeps the property they came with, it isn't 'reacquired", and the bank isn’t going to bid against itself.

If the bank had already forced the seller to try to sell the property, short sale, then the market has already considered the property at some price. I've yet to see a short sale ever listed at "full price". That is, "full price" being what the property could sell for if the seller was simply listing the property for sale with typical time constraints, not under short sale conditions. The market believes that a seller in a short sale situation should be willing to accept an offer below "full price", and thus the market offers less than “full price”.

If the property doesn't sell during the "short sale" offering, and the bank has to take the property back, and it doesn't sell to someone else at auction, it becomes REO property (bank owned, Real Estate Owned). The market perceives REO property in a similar fashion to short sales, that is, they shouldn't sell for "full price" because the bank itself has a time constraint on how long it can hold REO property (the amount of REO property a bank has on record limits their ability to fund new loans, reducing the number of REO properties allows the bank to make new loans and thus make more money). So I'm very challenged to see how a bank thinks that it can expect to sell an REO property at "full price" and thus takes this approach with the belief that they will "get all their money back".

There are rare occurrences where a home in a short sale is very distressed (some owners do weird things to their property when they know they are going to get foreclosed on) and the possibility exists to make significant money by fixing the place up and reselling it. But let me tell you, banks know they are not in the business to do this and avoid it, again, like the plague. Mind you, they do it occasionally, but they are much happier selling the property to someone else at auction and letting the distressed property be someone else's headache.

In the end, Cindy, please, get an agent who has experience in short sales and let them do a comp analysis to tell you what it's worth. No deal is a deal if you over pay for it, regardless of what the bank wants, what the listing price is, or what you're being told by people who don't have a vested interest in the outcome.

Regards,

Jeffrey
2 votes Thank Flag Link Wed May 21, 2008
Generally the real estate agent is required by law to present any and all written offers or expressed interest in a property. In the case of a bank foreclosure, pre-foreclosure or short sale, other than providing local market data, the agent generally has little or no say in the final decision.

I know that there is a lot of buzz about "short sales." After many years of working as an REO broker I am convienced that there is a great deal of "mis-information" and myths circulating about "short sales."

First and most importantly, a property is worth what it is worth. I know that we have all types of sceintific approaches, formulas and the like. But generally speaking a property's true value at any given moment in time is what a ready, willing and able buyer is willing to pay and what a seller is willing to accept. That value often changes from one buyer to the next, from one day to the next, or even from one offer to the next.

Second. There is nothing that say's a bank or any other seller is required to sell a property for less than the current asking price or what they feel the property is worth.

Having said all that. Here are the basics steps involved in a short sale offer, and I want you to know that this is generally not a one or two process. Due to the steps that have to be taken this process sometimes takes 1-2 weeks or more. Understanding that most mortgages are not serviced by the actual investor or bank--it should be clear that once the agent presents the offer, it may have to go through a loan servicers collections department, then to the loss mitigation department, then to the actual lender and maybe even repeat that process before it even gets to someone or a department that can actually make a decision. The process does not stop there though, so let's look at the basic (minimum) steps that are involved in this process;

1) A buyer submits a witten offer, with proof of funds or qualification along with earnest money.

2) The listing agent processes and forwards that written offer and documentation to the seller. In this
case let's assume the seller is a bank.

3) Before responding the seller usually orders two to three independent opinions of value. This is done
either through full blown appraisals or broker price opinions or BPO's. This process alone can cost
several hundred to a thousand dollars or more. The seller usually has to bear t his cost, because at
this point you the buyer has absolutely zero dollars invested in the process so far!
All you have tied up in the process is some time an offer or letter of intent, your earnest money check
hasn't even been deposited yet.

4) After arriving at what they feel is the current market value, the projected seller's net and other seller
specific considerations, the seller will generally do one of three things;

a) accept the offer as presented
b) reject the offer
c) make a counter-offer

I will tell you that if your offer is ridiculously low, or you have requested unreasonable concessions, most sellers won't take you serious and will generally out-right reject your offer! Make no mistake about it, in today's market there are many well qualified buyers who are making fair offers and getting good values.

Another thing I want you to consider. If you are looking to purchase single family houses with the buy low or "low ball" and sell high mentality, I will submit to you that you are merely a spectulator and not a true investor. If this is your strategy I would suggest that you become more knowledgable with the capitol gains tax laws and rules.

I'm not being critical of your strategy, I am simply suggesting that there is a better way to invest in real estate. True investors take a more long term view and approach. They position themselves to take full advantage of the tax laws as part of their overall strategy. True investors invest for income, appreciation and tax advantages.


Ray~
1 vote Thank Flag Link Sun May 25, 2008
Cindy, I am here in Akron and do this for a living! You keep asking questions online and do not seek local help. I wonder if you really want good advice. Like Maureen said below, you need a good agent, please contact me if you want to reach your objectives!
Web Reference: http://www.liveinakron.com
1 vote Thank Flag Link Fri May 23, 2008
Cindy - sounds like a scam.
The seller's agent has no control over what the bank will or won't take. In fact - they don't even have a reasonable guess in that regard.
Get ahold of the office he works out of - and find somebody higher up the food chain in his firm. Sounds like somebody needs a trip to the woodshed.
1 vote Thank Flag Link Thu May 22, 2008
Cindy,

Can you e-mail me please at terri.h@kw.com with your contact details?

Thanks,
Terri Hayley
1 vote Thank Flag Link Thu May 22, 2008
In terms of the seller's attorney - it may simply be a matter of the seller wanting to make sure she's doing everything legally, and not geting herself into anymore trouble with the property. If that's the case, it's not really a big deal.
Now - if the seller has an attorney that is required to sign off for some reason - this begs the question "why?". That would raise another red flag with me that there is some other issue with this property.

From the sounds of things, this will be a very long and drawn out process.

It could also honestly be a matter of a shady seller/agent trying to get more money out of you.
If they come back with some sort of offer like "if you were to go just a bit higher, i think we can get everybody on board.." you know it's a scam.

This really sounds like a lot more hassle and BS then could reasonably be expected in the vast majority of situations.
1 vote Thank Flag Link Thu May 22, 2008
Cindy,

If you have a buyer's agent rep, it costs you nothing and protects your best interests. You would not have to rely on someone who's representing the seller's best interests and sounds like he is being totally unethical.

As far as saving the bank money, depends on how far along they are in the process. If they've already paid to file for the foreclosure, then they've already spent the money. If they haven't, then you've got a prayer. If it's in a short sale status now, obviously it's not been foreclosed upon.

Due to the overwhelming amount of foreclosures going on through the nation right now and Bank of America having to bail Countrywide out of financial trouble, it is extremely difficult, to put it mildly, for the average person to try and even get through to the bank, let alone try and negotiate a short sale with them! We have clients who sign over a power of attorney to us so that we can take that burden off their shoulders as they are literally in tears over trying to just get through to someone who'll listen to them. So, if the home doesn't sell at short sale, it becomes an REO property - or bank owned. Then, at the foreclosure sale, they will list it for what's owed on it and will try to re-coop filing fees, attorney's fees, court costs, etc. The bank will protect it's interests and start the bidding at a certain price. They may say they won't take less than x and if someone doesn't bid at least that, then it doesn't sell. Just depends on the bank and they'll give instructions to the trustee. Your best bet is to get the home prior to this point. You've got much more negotiating power before it goes into REO status.

Then, if it doesn't sell at the foreclosure sale, the bank's favorite investors and other clientele will see this list first before it will be listed by an agent. The agent will give the bank their opinion on what the house should sell for, but they'll probably call for a BPO (broker's price opinion) as well so that they have a rounded picture of what the comps look like in the neighborhood. Then, the agent will put the house on the market. What it will sell for all depends on the market and location. But, you can get around $40 - $50k off homes in Dallas. That's not unrealistic. It happens here all the time.

By the way, at the URL I listed below, you can see updated foreclosures in our area updated on a daily basis at no cost or obligation.

Happy to help,
Terri Hayley
1 vote Thank Flag Link Wed May 21, 2008
Hello Cindy,

Myke gave a great suggestion. You should also try to contact that Realtor's Broker and inform him or her. If you don't know who the broker is find out what company they work for, and where it is located at. Go to the main office or call and inform the broker of the situation. He will put that Realtor in his place and help it move along.

Good Luck!
1 vote Thank Flag Link Wed May 21, 2008
if the seller's realtor refuses to present it - it is actually illegal.

contact NAR http://www.realtor.org/ and file a complaint.

Realistically - the seller, or the seller's agent has absolutely ZERO say in whether or not your offer gets approved by the bank. The fact that the seller's agent is trying to inject themselves into that process is flat out illegal.
1 vote Thank Flag Link Wed May 21, 2008
Concerning the issue of submitting multiple offers to the bank on a Short Sale. The listing agreement is between the Realtor and the current owner of the property. NOT the Realtor and the Bank! Once the owner signs a contract no others can be submitted. Only backup offers can be accepted if the seller(owner) is willing. The bank is not the one selling the property. They are involved as a third party. It is no different than a normal sale expect the fact that the contract is contingent upon the third parties approval. Short Sales are very involved and at times difficult. There are a lot of Realtors that simply do not understand the process.
Web Reference: http://myagentdebbie.com
0 votes Thank Flag Link Thu Jul 8, 2010
YES IT IS A VERY BIG MESS. SEEMS I NEVER DO ANYTHING EASY IN LIFE. :)

AND THEY ARE BOTH MARRIED SO BOTH SPOUSES HAVE TO ALSO SIGN OFF OF THIS HOUSE.
SO 4 PEOPLE REALLY ARE ON THE DEED INSTEAD OF TWO. (DOWER'S RIGHTS IN OHIO).
0 votes Thank Flag Link Mon Jun 2, 2008
WOW, what a mess! I hope it all works out for the best. I hope it all works out in your favor. good Luck...
0 votes Thank Flag Link Mon Jun 2, 2008
WELL THESE PEOPLE DEFINITELY BROUGHT IT ON THEMSELVES.
THE MOTHER PUT THE HOUSE IN HER NAME AND HER SON'S, BUT HE WAS TO PAY ALL THE BILLS. WELL HE HAD ALREADY HAD AN EVICITION, SO WHY WOULD YOU DO THAT?
HE DIDN'T PAY THE MORTGAGE. DIDN'T PAY THE TAXES. SKIPPED TO ANOTHER COUNTRY AND NOW SHE IS LEFT HOLDING THE BAG. SHE HAS HER OWN PROPERTY TO WORRY ABOUT.
0 votes Thank Flag Link Mon Jun 2, 2008
Hey Cindy, I'm sure somewhere in the thread you went into detail about where and what your situation is, I'm just wondering if you could say again how your situation is going? Are you pursuing a short sale? How's it going? Any progress on your offer? Thanks, J. =)
0 votes Thank Flag Link Mon Jun 2, 2008
Since we're all adults here, I'm sure we can atleast agree on the fact that all the loans that were done on these "short sales" and "foreclosures" didn't help the situation. It's a sad thing, but yes I do also agree that each person who took out the loans should've been a little more responsible when "managing their money", and the crisis wouldn't be such a "crisis"... I'm just hoping we get this short sale done BEFORE this house forecloses so I don't have to move AGAIN!!! =)
0 votes Thank Flag Link Mon Jun 2, 2008
yes michael...........greedy.........considering what a short sale is suppose to be.

GO LAUGH AT SOMEBODY ELSE!!!!!!!!!!!!!!!!!!!!!!!!!
0 votes Thank Flag Link Sun Jun 1, 2008
they foreclose anyway because the banks don't want to take a decent offer
0 votes Thank Flag Link Sun Jun 1, 2008
The sellers Realtor is required to submit all offers - period. If they refuse to submit, I would first, contact their manager, principal, whatever (the term varies by state). If that does not work, contact the Real Estate commission in your state.
0 votes Thank Flag Link Sun Jun 1, 2008
Well. We have a unique case only because we happen to own another house that is being remodeled right now. We lived in it for nearly ten years. We want to buy this house because it's in a better school district, and we need more space. Plus, we like the area a little better. our other house is very nice too though, PLUS it sits on an acre lot vs. the small lot at this new house. We're hoping they can get it done BEFORE it forecloses to avoid all that moving back and forth, but like I said before, there's no guarantee it will get done, and it actually looks at this point like it's NOT going to get done, but we'll just have to wait and see. It's ridiculous how these Short Sales are advertised, yet hardly any of them actually sale. Usually, they foreclose anyway. Oh well, good luck to you! =)
0 votes Thank Flag Link Sun Jun 1, 2008
geez............so you are going to move out and then possibly back in? and where do you go in the mean time? what a mess!!!!!!!!!!!!!

well maybe the bank will counteroffer you and you can avoid all this.
but you already offered what it is worth. they can't ask for much more.

i thought the idea of the short sale was for the bank to take a loss and it goes against somebody's credit for 2 years instead of 7 in a foreclosure????????????????? these banks are trying to get every dime they can. greedy.
0 votes Thank Flag Link Sun Jun 1, 2008
Hi guys. Sorry to chime in. Just thought I'd share my situation with you guys, and perhaps it could give Cindy some insight into this whole "Short Sale/Foreclosure" MESS we're ALL in...
To start, we are currently leasing a house we have made an offer to buy through a SHort Sale. The owner owes somewhere around 900,000, but it's only worth about 500,000 now (CMV), so that's what we offered. Chances are, they're never going to get around to selling it "short" by the time the Trustee Sale happens in Aug, so we'll have to move out, it won't sell at Trustee Auction, the Bank will take it back, relist it(REO), then we'll have to bid on it against several other interested parties, and MAYBE we'll get lucky and get it. but there's NO guarantees. It sucks I know, but it is what it is. Better Luck with your situation. =)
0 votes Thank Flag Link Sun Jun 1, 2008
9 times out of 10 the bank gets the property back. the reason being you have no access to the property and cannot view it or go inside, so who wants to buy a property site unseen???????????? expecially when alot of people get mad and totally trash them, and tear them up and take pipes and everything thing they can to get back at the bank and to get a dime out of it.
0 votes Thank Flag Link Fri May 30, 2008
why do you say not my formula............they are all the same here. they are not depending on what is owed, taxes, etc. as you stated.
0 votes Thank Flag Link Fri May 30, 2008
IF YOU LOOK AT THE LINK YOU SENT, THEY ARE ALL AT 2/3RDS VALUE.
HOW DO THEY SELL ONES WHERE THE PEOPLE OWE MORE THAN THE HOUSE IS WORTH THEN, AT YOUR FORMULA????????????????????????????
0 votes Thank Flag Link Fri May 30, 2008
HERE, THE PROPERTIES GET APPRAISED AND THEN AT THE SHERIFF SALE THE BID STARTS AT 2/3RDS OF THE APPRAISED VALUE. IF YOU DON'T OFFER AT LEAST THAT, YOU DON'T GET IT. IT DOESN'T MATTER IF THE PEOPLE ONLY OWE 20%. OR EVEN IF IT GOES FOR BACK TAXES ONLY.
0 votes Thank Flag Link Thu May 29, 2008
I dd not say you were giving her legal advice. I said stop giving auction advice. A person with a professional license, ie... a real estate license, does not have an personal opinion. Whatever you say is the opinion of an expert! You keep up....
0 votes Thank Flag Link Thu May 29, 2008
Ok Mike. I don't know if you are licensed to practice real estate in the state that this lady lives in, but it is becoming increasingly obvious that you are giving advice in areas that are well out of your depth! You obviously know little or absolutely nothing about "auctions." I am not an attorney, nor am I licensed to practice law. Therefore, I don't give legal advice.... If you don't have an auctioneers license, then you should stay out of the business of giving auction advice.

There are two basic type of auctions. One is an "absolute" the other is a "reserve." In an "absolute" auction the property must go to the highest bidder without regard to the value of the property or the price being offered.

In a "reserve" auction the seller is generally allowed to set a minimum bid he/she will accept. This "reserve" amount is generally not made know to the public. Guess which type of auction catagory a court ordered or forced sale wll generally fall in?

Second, if and when a bank or governement entity such as VA or HUD re-acquires a property via a foreclosure sale, the amount they list the property for on the open market, has absolutely nothing-what-so-erver to do with what is sold for at auction!

The list price is driven by "supply and demand" and what the markert will bear. One fact that seems to be over-looked in this dialog is the fact that when a property forecloses, whether a bank ends up with it or not, the previous mortgage is no longer a consideration. Simply because at foreclosure a mortgage is disolved, and the collateral and the value of that collateral is now the only consideration. A mortgagee may be held liable for any deficit balance on the debt.

Also remember that there is still the issue of the mortgage insurance (FHA) and (Conventional) and mortgage gurantee (VA) which give the lender the right to file a claim should the aucton bring less than what they need to get whole. So, long and short....you should not give advice in areas you are not qualified to give advice in!

The best thing this lady can do if she can't get a response on the offer she made a couple of months ago, it to contact the broker of that office and he/she will in turn 1) Secure her earnest money for her and 2) get her the answers she is looking for. They may or may not be the answers she wants, but I am confident that the broker will work hard to see that she gets at minimum those things.

If the broker fails to do this, my next reccommendation is that she contact the real estate commission in her state for further advice. And that my friend is the best advice that you, I or any other licensed professional can give her!
0 votes Thank Flag Link Thu May 29, 2008
You may need to talk to the owners broker and see what the problem.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Thu May 29, 2008
well this owner put the property up for a short sale. she says she needs the bank approval for the amount. but they will not approve the asking price, or so they say,.

she filled a cross complaint in the foreclosure to sue her son for money and to get his name off of the house. so who knows how long that could delay the whole process.

i wish it would go to action.
seems some foreclosures here have taken over a year to get to the auction block.
0 votes Thank Flag Link Thu May 29, 2008
That clears it up some. I practice in Georgia. It is a "non-judicial" state. That means that no court process is required to foreclose. Here all the lenders is required to do is to notify the mortgagee in writing, advertise for 30 days and take it to the court house steps. I am not certain how it works in your state. As far as contingencies go, if you need to get financing, you have atleast two contingencies. One is financing. As most lenders require a current appraisal, your second would be that the property appraises for atleast the purchase amount. Again, as I said, I am not certain of your states particular process--but I doubt that not being able to contact the occupants will be enough to stop the foreclosure process. I know that you want this house. My reccomendation to you though is to get your earnest money back first, and either find another house, or if you can, wait to see if this one comes back on the market after it forecloses.
0 votes Thank Flag Link Tue May 27, 2008
no date for the foreclosure yet. the papers were filed in the court to start the process. one of the owners has been served the papers and she put the house on the market as a short sale. the other owner, her son took off to canada and he still has not been served the foreclosure papers, because they used this house for their address to serve the papers.
i wanted to purchase it on the short sale. i have no contigencies at all.

i have been watching the foreclosure in the court myself.

thanks for all your advice!
0 votes Thank Flag Link Tue May 27, 2008
In reading your post again, it seems the property had a "published" foreclosure date and you were trying to purchase this property prior to it actually foreclosing. A bank will generally not postpone a published foreclosure date on the off chance that an offer may or may not close. Especially one that has a contingency, ie one contingent on buyer obtaining financing or an appraisal ect...

You might want to have your agent check to see if it has foreclosed since your offer was made. A foreclosed property does not always come back to the office that may have had it listed prior to foreclosure. In any event I still reccommend you contact the broker of the office holding your earnest money. He or she should be able to give you the current status of your earnest money, and quite possibly the status of your offer as well.
0 votes Thank Flag Link Tue May 27, 2008
C. RAY...........I DID NOT TAKE YOUR POST AS AN ARGUEMENT. IN FACT, IT WAS VERY HELPFUL. ONLY THE POST THAT I SAID I WAS NOT LOOKING FOR INVESTMENTS, BUT REALLY WANTED THIS HOUSE WAS TO YOU.

DOES THE OFFER EXPIRE EVEN WHILE WAITING ON THE BANK TO ANSWER???? (NOT MINE......I JUST WONDERED.

AND YES THEY CASHED MY CHECK.
0 votes Thank Flag Link Mon May 26, 2008
My point was to explain the short sale process, not to get into an arguement. Mike is right. Your offer has probably already expired, as far as your earnest money, if the check has not been cashed, no big deal. If it has, then call the broker of the office and request a refund.
0 votes Thank Flag Link Mon May 26, 2008
WELL LAUGH OUTLOUD BECAUSE HE IS A REAL ESTATE AGENT. THEY BOTH ARE.
0 votes Thank Flag Link Sun May 25, 2008
NO, THEY SUCK!!!!!!!!!!!!!!

ANSWERS TO WHAT QUESTIONS??????????? ALL I ASKED WAS TO HAVE MY OFFER PRESENTED. THAT IS THEIR JOB, OR SO I THOUGHT!!!!!!!!!!!!!!!!!!!!
0 votes Thank Flag Link Sun May 25, 2008
NO WHERE DID I SAY I WAS BUYING THIS AS AN INVESTMENT. IF THAT WERE THE CASE I COULD CARE LESS ABOUT THIS HOUSE AND WOULD MOVE ON TO ANOTHER. I AM LOOKING FOR A HOUSE TO LIVE IN AND I LIKE THIS HOUSE BUT IT HAPPENS TO BE A SHORT SALE.

DOES IT TAKE 7 WEEKS AND STILL NO ANSWER FROM THE BANK????????????

AND IF MY OFFER WASN'T PRESENTED, AND IT HAS BEEN OVER 2 MONTHS, I WOULD LIKE TO KNOW WHY I STILL DO NOT HAVE MY EARNEST MONEY BACK??!!!!
0 votes Thank Flag Link Sun May 25, 2008
THAT'S BECAUSE MY LOCAL HELP SUCKS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
0 votes Thank Flag Link Sat May 24, 2008
i didn't know that the selling of a house turned into an auction, when it isn't even up for auction.
paying over the listing price so the bank can get back every dime of it's money is hardly a short sale in my book.
0 votes Thank Flag Link Fri May 23, 2008
You need an agent to help you through this.

Paying over asking price can be a great deal if the property is underpriced in the first place. Asking price has nothing to do with a home's value. Have you ever looked at ebay auctions that start with an asking price of $1 and end up selling for hundreds or thousands?

Of course he had no idea what the bank would accept. In 99% of shortsales even the bank does not know until weeks after an offer has been presented to them.
0 votes Thank Flag Link Fri May 23, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
Hi Cindy,

My wife and I are members of Harris Real Estate University and their Short Sale Coaching Program (#1 in the country). It appears that there is a lot of mis-information out there about short sales and how they are successfully performed. Based upon my understanding of the process, the listing agent represents and works for the seller. When an agent agrees to work a pre-foreclosure listing, he/she obtains written authorization from the seller allowing them to speak with and deal directly with the bank or lender on the seller's behalf. This does not negate their obligation to communicate with the seller who retains all rights and authority over the subject home/property until it is sold (whether before foreclosure occurs to a buyer or investor or on the day of the sheriff sale when it goes to the highest bidder at auction).

The listing agent has a fiduciary obligation to present all offers to his/her client or seller. Seller can direct listing agent to or not to submit any and all offers to the bank, for whatever reason. If the listing agent in this particular instance is not following this protocol, ask for more information as to why they refuse to submit it. It could be that they already submitted an offer and are awaiting for an answer from the bank to determine what amount the lender will accept.

Hope this explanation helps. Email me should you have additional questions.
Web Reference: http://MyGeorgiaHomes.com
0 votes Thank Flag Link Fri May 23, 2008
TED SHOOP, Real Estate Pro in Buford, GA
MVP'08
Contact
Cindy,

I'd suggest you take one of courses of action, sadly neither one is attempting to follow through with the purchase as it seems you have way too many roadblocks. Either walk away and chalk this up as a learning experience, or pursue a course of strategy to document the fact that you've delivered the offer to the agent and asked him to submit it to the seller for consideration. Delivery and your request to have the offer presented to the seller needs to be in a form that you can prove to someone else that you did this. Then file an ethics complaint.

Again, neither one gets you the house, but seems that's a real stretch at this point. Remember, document, document, document, everything you do.

Regards,

Jeffrey
0 votes Thank Flag Link Fri May 23, 2008
the realtor did not even present my offer to the seller let alone the bank. he just sat on it, waiting for a better deal. and a better commission i suspect.

he also claimed he had no idea what the bank would take even tho they approved the short sale.

$30,000 over the listing price................where is a good deal in that mix??????????????
0 votes Thank Flag Link Fri May 23, 2008
Cindy,

The bank will provide a written approval letter to the seller telling them exactly how much they will take once they approve the short sale. You can ask to see it. It is easily possible that the bank wants more than the home is listed for. Banks do not preapprove short sales (usually). They don't even consider them until the sellers agent has an offer and submits a short sale package. I am closing on a short sale today where the buyer is paying 30K over asking price. That is what the bank approved.

There is a post below that should help clarify some of the uncertainties of purchasing a short sale.
0 votes Thank Flag Link Fri May 23, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
Go direct to the seller.
Then you & the seller can talk to the bank.
0 votes Thank Flag Link Thu May 22, 2008
are you experienced in these short sales? what are your thoughts on this one????????
thanks
0 votes Thank Flag Link Thu May 22, 2008
Hello Cindy, sorry I did not see this sooner. I am right here in Summit County OHIO!!! And I do short sales. i would be glad to help you. Call me anytime.
Web Reference: http://www.liveinakron.com
0 votes Thank Flag Link Thu May 22, 2008
YEA I THINK HE IS TRYING TO UP HIS COMMISSION.
AND HE IS IN LAW ENFORCEMENT ALSO. :(
0 votes Thank Flag Link Thu May 22, 2008
OH YES.........THAT IS EXACTLY WHAT HE SAID.

FIRST, HE CLAIMED 102,000 WOULD BE A VERY GOOD OFFER. AND NOW HE SAYS IT WILL TAKE $159,900 FOR THE BANK TO SIGN OFF ON IT.
0 votes Thank Flag Link Thu May 22, 2008
OH YES THE SELLER ALSO HAS HER OWN ATTORNEY.
SEEMS HE HAS TO GIVE APPROVAL ALSO.

WHAT HAPPENS IF THEY CANNOT LOCATE THE SON WHO IS CO-OWNER? DOES THE COURT ORDER HIM OFF OF THE PROPERTY LIKE HE ABANDONED IT? OR DO THEY TAKE MORE TIME SEARCHING FOR HIM??????? AND WHAT IF HE REFUSES TO SIGN OFF?

THEN IT HAS TO GO THRU THE FORECLOSURE AND THE COURT WILL GIVE IT BACK TO THE BANK?
0 votes Thank Flag Link Thu May 22, 2008
1 2
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Ohio > Summit County > Akron > Home Buying in Akron > Question
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer