patrick.net

This is legit. They will always submit offers to the bank, and will always consider additional offers.

It was in the best interest of the real estate agent to get the deal for you (double commission.) I don't see why they would stab you in the back like that unless they were the buyers themselves.

They also are not obligated to prove to you that there are other offers. It's better that they told you instead of let you wait for more months and not respond to you at all.

do they have to be transparent to me about this other offer. I have a feeling that I was being toyed with, and would like to pursue this further.

inkt2002 says

do they have to be transparent to me about this other offer. I have a feeling that I was being toyed with, and would like to pursue this further.

Unfortunately, they do not have to prove anything to you.

Wait. I'm in the process of a short sale also. Both the seller and I signed a purchase and sale agreement. The listing is no longer on redfin, thus I assume it's no longer on the MLS. So we are waiting for the bank's mutual acceptance. How can other people offer if it's no longer on the MLS?

burritos says

Wait. I’m in the process of a short sale also. Both the seller and I signed a purchase and sale agreement. The listing is no longer on redfin, thus I assume it’s no longer on the MLS. So we are waiting for the bank’s mutual acceptance. How can other people offer if it’s no longer on the MLS?

The reason that you cannot see the listing on Redfin anymore is because the agents put a Pending - Continue to Show status on the MLS listing. Real estate agents can and do frequently browse through those listings, and can make an offer as well. It is of the best interest of both the bank and the seller to get a higher price. Since it is a short sale, the signature from the seller means nothing other than the fact that they agree to present your offer to the lender.

It depends on the agent. Some will mark them "pending" some will mark them "active with instructions" (depends on the local mls rules as well)

Technically, an agent has to present all offers to the client, however, the client is the owner, not the bank. the owner doesn't have to sign any other offers to send to the bank.

Vain says

burritos says

Wait. I’m in the process of a short sale also. Both the seller and I signed a purchase and sale agreement. The listing is no longer on redfin, thus I assume it’s no longer on the MLS. So we are waiting for the bank’s mutual acceptance. How can other people offer if it’s no longer on the MLS?

The reason that you cannot see the listing on Redfin anymore is because the agents put a Pending - Continue to Show status on the MLS listing. Real estate agents can and do frequently browse through those listings, and can make an offer as well. It is of the best interest of both the bank and the seller to get a higher price. Since it is a short sale, the signature from the seller means nothing other than the fact that they agree to present your offer to the lender.

It's possible another offer might come in, but since they had received none in more than 3 months, I'm not overly worried. My realtor said my offer wasn't "bad", but thinks the bank might counter offer and squeeze us and the sellers for more money. My realtor says that we need to stand firm with our offer and be willing to walk away if they do that. She says that if we're not in a rush, more bank owned properties will come our way. I thought that was interesting advice considering that's her commission that'd be out the window also.

burritos says

Vain says

burritos says

Wait. I’m in the process of a short sale also. Both the seller and I signed a purchase and sale agreement. The listing is no longer on redfin, thus I assume it’s no longer on the MLS. So we are waiting for the bank’s mutual acceptance. How can other people offer if it’s no longer on the MLS?

The reason that you cannot see the listing on Redfin anymore is because the agents put a Pending - Continue to Show status on the MLS listing. Real estate agents can and do frequently browse through those listings, and can make an offer as well. It is of the best interest of both the bank and the seller to get a higher price. Since it is a short sale, the signature from the seller means nothing other than the fact that they agree to present your offer to the lender.

It’s possible another offer might come in, but since they had received none in more than 3 months, I’m not overly worried. My realtor said my offer wasn’t “bad”, but thinks the bank might counter offer and squeeze us and the sellers for more money. My realtor says that we need to stand firm with our offer and be willing to walk away if they do that. She says that if we’re not in a rush, more bank owned properties will come our way. I thought that was interesting advice considering that’s her commission that’d be out the window also.

Many realtors will pursue things that can't be reached for clients just to win their trust. Since they can't get this property for you, they would like to show you other properties.

Vain says

burritos says

Vain says

burritos says

Wait. I’m in the process of a short sale also. Both the seller and I signed a purchase and sale agreement. The listing is no longer on redfin, thus I assume it’s no longer on the MLS. So we are waiting for the bank’s mutual acceptance. How can other people offer if it’s no longer on the MLS?

The reason that you cannot see the listing on Redfin anymore is because the agents put a Pending - Continue to Show status on the MLS listing. Real estate agents can and do frequently browse through those listings, and can make an offer as well. It is of the best interest of both the bank and the seller to get a higher price. Since it is a short sale, the signature from the seller means nothing other than the fact that they agree to present your offer to the lender.

It’s possible another offer might come in, but since they had received none in more than 3 months, I’m not overly worried. My realtor said my offer wasn’t “bad”, but thinks the bank might counter offer and squeeze us and the sellers for more money. My realtor says that we need to stand firm with our offer and be willing to walk away if they do that. She says that if we’re not in a rush, more bank owned properties will come our way. I thought that was interesting advice considering that’s her commission that’d be out the window also.

Many realtors will pursue things that can’t be reached for clients just to win their trust. Since they can’t get this property for you, they would like to show you other properties.

How devious of her. J/K. She has already done 2 sales for us in the past. So for better or worse we already trust her(to the incredulous dismay of the vast majority on this board).

They were "about to accept" your offer? Now they're about to not. It ain't over 'til the fat lady has a coronary.

elliemae says

They were “about to accept” your offer? Now they’re about to not. It ain’t over ’til the fat lady has a coronary.

The sellers were about to accept our offer. Now they've officially accepted. Now we have to wait for the bank's ok. In our P&S agreement, we have the right to pull out in June if mutual acceptance from the three parties haven't been achieved. There are tons of homes in the 220 range, a handful in the 210 range. 2 years ago, these homes were being purchased as new for 300k. Our magic number is 200k. My realtor thinks if this deal falls through, more 200k homes will be popping up.

burritos says

elliemae says

They were “about to accept” your offer? Now they’re about to not. It ain’t over ’til the fat lady has a coronary.

The sellers were about to accept our offer. Now they’ve officially accepted. Now we have to wait for the bank’s ok. In our P&S agreement, we have the right to pull out in June if mutual acceptance from the three parties haven’t been achieved. There are tons of homes in the 220 range, a handful in the 210 range. 2 years ago, these homes were being purchased as new for 300k. Our magic number is 200k. My realtor thinks if this deal falls through, more 200k homes will be popping up.

I was actually responding to the OP. But I hope your house comes thru, or if not a house you want.

Seller's acceptance does not mean much with shortsales. It's the bank actually decide to sell or not, and that can be quite time taking. And bank may try multiple offer, or "send me your best and final offer" thiingy on you. Anyways, I wish you got what you're looking for at the price you can be comfortable with.

I was just reviewing sales made today on the MLS.

Banks are playing these games still even after so much media attention? Here are the private agent remarks who double dipped on the sale as well for 915 Wilks St, East Palo Alto, CA 94303.

Private : Commissions to be split 50/50 based on lender approval. financials submitted to lender need a strong offer for lenders approval. $15K Was given to 2nd lien holder aside from purchase price to cooperate with Sale.

List price was $455k, and the transaction closed for $440k.

Should we report such behavior? I am surprised the agent dared put that into the MLS.

I'm currently involved in a short sale (buying) and am having anxiety attacks from waiting for the offer to be responded to. :(

Vain - did you ever get a response to your offer? If so, how long did it take?

Did greed kill this deal? If the first offer was 70K light, don't you think that might have had something to do with it? Unless we are talking a multi million dollar property, 70K seems to be an awful lot, it is clear that did not know about your offer, or they would not have spent 70K over, yours, and still be getting what they clearly think is a DISCOUNT to the real value. It would seem to me an outside view, that sure, you were trying to get a GREAT DEAL along with that comes risks, that is why the BANK NEEDS TO APPROVE the deal. Most of us have shot ourselves in the foot trying to be to strong in a deal, it stings, but move on, and make another deal, and that is lesson learned. (I hope)

Nomograph says

Cvoc13 says

Did greed kill this deal? If the first offer was 70K light, don’t you think that might have had something to do with it?

Excellent point; greed works both ways. Everyone complains about the greedy banks and greedy owners not lowering prices, but nobody complains about greedy buyers who think they will pick up a property on the peninsula for 100K below market.

When there is a bubble sellers are greedy and in the bust buyers are greedy. A human being without greed? Not possible.

So hypothetically you put an offer in for a short sale, and your waiting 3 months for the bank to accept the offer, can you withdraw the offer at any time before they accept it? I'm just wondering it it's worth having multiple offers out there for different properties and withdraw the others if one of the banks accepts. Or something else comes up on the market while your waiting for the bank to accept of reject the offer.

Actually I can't understand while the bank waits so long to get back to you with a decision. I do understand that banks are corporations and meet like once a month to discuss property offers, but they should get back to you with an answer in a month at the most, not three.

EastCoastBubbleBoy says

Vain - did you ever get a response to your offer? If so, how long did it take?

My short sale was originally approved for $460k. But the approval had recourse language and the seller did not like it. They had removed the recourse language for $475k. But I backed out of it. Homes in this area are able to sustain the price because the buyers are all putting in-law units. The property I just backed out of had an in-law unit, but I suspect a neighbor ratted them out so they had to demolish. The current owner insists that they think it's because of two cable bills, and an attempt to request for another garbage bin from the city. Not worth the risk for me. We can have it permitted. But even after permits, there will be a stamp at the city records strictly stating that it is not for rental since it's zoned for an SFR. What a deal breaker.

If it was really just a case of double cable bills and utility bills, we can just put the in-law back up. $475k is great for someone who plans to live in the whole home all on their own. But not much in my experience. They want in-law units.

Total wait time: 6 months. Original offer was for $430k for a home that would sell for $500k+ had it not been a distress sale.
First lien was with Chase, and I am not sure about who the second lien ($120k) was with. The HUD indicated that they were going to pay lien #2 $3k.