How long must the property be listed on the MLS before you can accept an offer?

Is it legal to list a short sale, and mark it pending a few hours later?  Do the banks look at how long the property was marketed for?

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Permalink Reply by Jeff Payne on February 10, 2011 at 5:08am
Why would it be illegal to list a property and get it under contract right away?  It just means that they priced it right.  We see it here all of the time with REO properties, they go under contract as soon as they hit the market.  I think some investors do look at market time but they put more emphasis on the appraisal and how close the offer is to it.
Permalink Reply by Kathy Manoogian on February 10, 2011 at 5:10am
If the property is listed way below market value, and sold the same day, and it turns out the listor and selling agent are one and the same, and it happens over and over again, with the same agent, you dont smell fraud?
Permalink Reply by Jeff Payne on February 10, 2011 at 5:25am

What fraud? The agent was hired to sell the home.   What makes you believe it is way below market value?  I am assuming that you lost out on the home because it went under contract ASAP.  What is happening over and over again?  Has it been on and off the market several times?

If the selling agent finds a buyer and the seller agrees to the terms, I don't see any issues with it.  If it is way under market value, the bank will most likely reject or counter offer the buyers offer.

Fraud is a pretty strong word.

Kathy Manoogian said:

If the property is listed way below market value, and sold the same day, and it turns out the listor and selling agent are one and the same, and it happens over and over again, with the same agent, you dont smell fraud?
Permalink Reply by Bryant Tutas on February 10, 2011 at 9:33am
Kathy. Why would it be illegal? The seller can do what they want to with their property. The banks want as close to Fair Market Value (FMV) as they can get. It depends on your market how  long it will take to achieve this. If  the offer you have received is FMV then have the seller accept it and submit it. If it's not FMV then let it go. The time frame doesn't matter. The value matters.
Permalink Reply by Smitty on February 10, 2011 at 11:25am
Kathy, homeowners don't NEED agents to sell their house.  I think it's good there is an agent involved.  I also agree it may have been priced right.  I've seen that multiple times with different properties in my area.  Why would you think FRAUD? 
Permalink Reply by Laura Marshall on February 10, 2011 at 2:08pm
I list a lot of short sales, but I list them at market value. I also work with a lot of investors (who buy & hold as rentals) & regular (homeowner) buyers. There are many times that while I am on the listing appointment, I know that the property is perfect for someone that I am already working with. I will send them the property info, and tell them they need to see it ASAP. If they are repeat clients, most will trust me when I say it is what they are looking for. They will write the offer immediately, sight unseen....and hang in there during the short sale process.  One waited 9 months - 1st - First Horizon - 2nd - Greentree....but we finally closed! There have been quite a few times that my listings have gone pending in less than 1 day - and they were not all my buyers.
Permalink Reply by Jennie Shook on February 13, 2011 at 4:53pm
The bank will have the property appraised regardless how quick the offer came in. If it's not priced right the bank will counter.  Is the offer at full price?
Permalink Reply by Richard E Shadid on February 13, 2011 at 8:00pm
I have commonly listed my short sales with an offer already in hand, or at least on the way.  I mark the status on the MLS according to the local MLS rules which apply, in my area, if you have an offer which has been accepted by homeowner to then be submitted for lender approval, we have a Contingent status for short sales for exactly that situation.
Permalink Reply by Richard Martinez on October 16, 2011 at 5:59am

I think you have a very legitimate question Kathy,and I believe most of the responses are spoken like a true-realtor, which is why I have very little respect for "most" realtors - they're all about transactions/commissions.  I think the real estate industry is rife with lack of transparency and that is by design - though its changing so people will need to get over it.  Interesting that all the responses thus far have been unwilling to recognize that there may be scenarios where manipulation was involved. 

Permalink Reply by Bryant Tutas on October 16, 2011 at 6:14am

Richard. Go back and read the question. It is not illegal for a property to be on the market for a short period of time. A property needs to be on the market long enough to find a good qualified buyer at as close to market value as possible. That could be 1 hour or it could be a year. Time has nothing to do with it and it's certainly not dictated by law. Your response has nothing to do with the question asked.

This site is about as transparent as you can get. We designed it that way. Its the reason it's open to all and not just agents. We even welcome folks that are clearly anti agent. So.....welcome :)

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