paul

If it is still a short sale many more variables come into play but you say it is now in the hands of the bank. Can I assume that it has been foreclosed and is now bank owned? I've seen short sales go for far less than I would have expected and banks hold out for much more than I would expect.
With a bank owned property you're dealing with a number cruncher not an emotional home seller. If the numbers work for the bank then you've bought it. If they don't they will either counter, someone else will get it or it will remain on the market. To them it's just a financial transaction.
Paul Bowling, CDPE, ePRO, GRI - Wed Aug 20 2008, 19:30

I, as a buyer’s agent for a client, found myself in the same situation. I’m assuming it is a short sale since the you said the owner informed you of this.
After talking to several attorneys (who all amazingly agreed on this) this is a problem. The FIRST contract ratified by the homeowner and buyer should be the only contract. Others should be “back-up” offers. The agent must present every offer received to the client but should advise the home seller that there could be consequences if the already accepted offer is not honored. The buyer who has the ratified contract may have a very good case to go after the homeowner. The “Subject to Third Party Approval” addenda is not a reason to continue to accept offers and submit them to the mortgage servicer unless agreed upon by all parties. Of course, this is NOT legal advice. Legal advice must be sought from an attorney. This is the advice that my client received.
Also, MRIS, our Multiple List System says the listing agent MUST change the status from active to “Contract”. - Wed Aug 20 2008, 17:25

Jeff,
When you work with the listing agent you are an unrepresented buyer. Why would you want to do that to yourself? The listing agent represents the seller (the bank in this case). His or her responsibility is to get the most money possible for the property. They will know what you can (or willing to) pay for the property and owe the duty to their client to use that information to their benefit.
A buyer's agent represents YOU! If you're unhappy with your previous agent find another but, if you had no problems, go back. They should know the property, the area and be prepared to write another offer.
Paul - Tue Aug 19 2008, 12:16

ForRentbyOwner.com
craigslist.com
rent.com

Best bet is to have a property management company or real estate broker rent the house for you. They are very good at screening prospective tenants and obtaining rental & credit reports. I don't work in the Waldorf area but have several collegues who do. If you want a referral give me a call.
Paul - Tue Aug 19 2008, 12:09

Brian,
Your buyer's agent should provide a market analysis for you just as the seller's agent does for them. You will look at what has sold, what is for sale and what did not sell for a specific period of time (usually 3 months when the market is changing rapidly - as it is now).
If you're not already working with an agent please contact me with the address of the property and your contact info. I'll prepare a market analysis for you and we can talk.
Paul - Tue Aug 19 2008, 11:56