Why would you think the listing agent is just being difficult? What gives you that impression? What would be the reasoning behind being difficult?
Quite honestly, taking the deal to an attorney will probably bog it down more than if the realtor is working on getting the bank to move on the offer. Most attorneys have their assistant call once a week.. if no response.. then it goes back on the pile until next week.. and so on and so on.. Attorneys take so many on.. That it just becomes routine, not priority. -AND- there is no agreeing to anything in any "attorney review" because the bank has not even acknowledged they will discuss the offer.
I find that agents that send the offer to an attorney to review and contact the bank have minimal knowledge in the short sale process and most of those transactions never come to fruition. Let us know how it goes.
Sounds like the listing agent is being proactive and you have a better chance of the transaction working.
Someone posted this -
â€œThe Seller's agent and the buyer agent are obligate to give copy of the purchase contract to you the client as soon as is signed for both (Buyer & Seller)â€
Yes, you should have a copy of the contract and will get a fully executed copy
â€œYou as a buyer submit to your attorney and the seller side MUST DO THE SAME.â€
The seller does not â€œhave to do the sameâ€ It is their choice to do so.. if you want to take it to an attorney, go ahead.. The attorney can do nothing until the seller get s representation. Go right ahead.
Yes. Just because the seller signed the contract there is no accepted offer until the bank agrees to accept the offer. Why waste money and time going to an attorney? There is no reason for there to be an "attorney review" until there is an accepted offer. With a short sale there is nothing to discuss, there "usually" nothing a seller will fix or repair and the house is generally "as-is"
I send the offer to the bank get a negotiator involved and once the bank decides to do an appraisal an respond to the offer.. We will then get it to an attorney ready to move forward.
I find that agents that send the offer to an attorney to review and contact the bank have minimal knowledge in the short sale process and most of those transactions never come to fruition.
Let us know how it goes.
1. does it seem a little odd for the agent to actually say that Im not sending it to any attorneys, are they holding out for another offer? generally they just start the process of going to the seller/ sellers bank or whomever the 3rd party may be for authorization which leads me to >
2. In a short sale the bank or 3rd party AUTHORIZATION or OK TO SELL has to be given so the attorney review process hasnt been started until you have been told by them ( the bank or 3rd party) that the offer is accepted and then the attorneys are sent the contracts to begin attorney review. So my question is did they (the other agt say anything to make you believe or know that there is another offer) or did the agt say they will speak with the client/bank /3rd party to start the process?
Either way Good Luck with your home purchase!
Never have I been more convinced that the resources you align yourself with - whether you are a buyer or seller - can make all the difference to a successful outcome. The market is tough for sure - but it is in the toughest of times that our skills and character most clearly come into focus. Difficult parties to transactions do not add to the synergy of the market - they simply detract. As a case in point, do you think the agent I dealt with yesterday was adding value to the seller she had been hired to serve? I think not.
Good luck to you on your short sale. My advice is to keep looking as this scenario plays out.
Unwavering Commitment to Service, Unsurpassed Results
So many times I have the same thought. And then the bank turns down an offer just to end up foreclosing on the home. It's baffling! Then the home sits vacant, only to be sold for even less money a year later, after which the bank owes an additional year of property taxes. It makes no sense at all to me.
(Kind of like Donald Trump declaring bankruptcy!)
perhaps I did not "read enough" into your question the first time. The first time I read it I took it only literally.
The bank does have to OK the sale price, terms and conditions of the contract. So perhaps the listing agent would rather wait to hear from the bank first. In my opinion, I see no reason not to let the attorney also have a copy. I guess the only reason not to do that , is because if you do not come to an agreement with the bank, and you end up not having a transaction, you may still have to pay your attorney for the time he/she has spent reviewing the contract.
I have been involved in transactions that are short sales wherein we did not send the contract to the attorney until we had acceptance from the bank.
In a regular sale "As soon as the offer is signed by you (Buyer) and the owner (seller) we called an " Executory purchase contract", means both parties agreed the purchase price (offer) and then we submit to both (buyer & seller's attorney). We called Attorney Review. â€œAccording by The Real Estate Commission (Must be a Fiduciary representation for Buyer's and Seller's Agent sides).
In a Short Sale the process is the same, but we have to be submit the offer to bank (lender/Investor) for a counteroffer or for the short sale approval. The Seller's agent and the buyer agent are obligate to give copy of the purchase contract to you the client as soon as is signed for both (Buyer & Seller) . You as a buyer submit to your attorney and the seller side MUST DO THE SAME. Seller & Buyer agent cannot decide for their clients â€œIt is only on your hands to do that".
By Real Estate Commission this will be a violation that the seller is not complying with her/his fiduciary representation on that transaction with her/his client.
Could be happening the following situations:
1- "Probably the seller/Owner no even know what really happening
2- The seller agent/ Listing agent is waiting for a higher offer
3- Was advised by his/her side to wait until the short sale is approved and they do not want to be legally bounded. Either way he/she is not doing the fiduciary representation and can be reported to the Real Estate Commission. The seller agent is the only one who has complete control of the file in a Short Sale Process. But remember "Buyer and seller agent only are mediators on a Real Estate Transaction, they cannot decide for either you (the buyer) or seller (Owner). I hope this will be helpful for youâ€¦. Good Luck
Please see my list of tips and advice for buying a short sale.
However, I assume that your offer is contingent on attorney review. If so, and your attorney is unable to review the documents--or they're not provided in a timely fashion--then you're protected and the seller is unable to sell his house.
On the other hand, what's to stop you from taking your copy of the ratified contract (assuming the seller signs it) and providing it to your attorney?