Presenting Multiple Offers
Okay, I know you're thinking, 'Is she blonde or something?' because I'm back with the same question!
I have a buyer who is THE perfect short sale buyer--living in a home that he won't sell until his next home closes and doesn't have to sell his current home to Close on his new purchase.
He has found a short sale property that has been on the market for TWO years! (That is rare here unless the property is over $1M) The neighbors told us that there had been multiple offers on the property but, the owners, who have moved out of state, don't understand why the banks won't take any of the offers.
In chatting with the agent, here's the scoop: 1st mortgage is with Countrywide, 2nd mortgage is with BOA. The agent proceeded to say that he's done more short sales than anyone in the STATE and that he's been interviewed by a major network regarding his REO and short sale business. He 'knows' the process, so he says. He's submitted each and every offer and is just waiting on a response--AS he continues to drop the price lower and lower (well below market value). **For the record, this agent is not in the top 35% of agents (that's as long as my list goes), nor could I find that he has done as many short sales as he said he has, NOR could I find any information on the network site that he said he had been interviewed!
I need to know if the 'rules' have changed regarding presenting multiple offers to BOA/CW? Are we not still presenting the ONE CONTRACT?
Thanks, in advance, for your advice!
I have a buyer who is THE perfect short sale buyer--living in a home that he won't sell until his next home closes and doesn't have to sell his current home to Close on his new purchase.
He has found a short sale property that has been on the market for TWO years! (That is rare here unless the property is over $1M) The neighbors told us that there had been multiple offers on the property but, the owners, who have moved out of state, don't understand why the banks won't take any of the offers.
In chatting with the agent, here's the scoop: 1st mortgage is with Countrywide, 2nd mortgage is with BOA. The agent proceeded to say that he's done more short sales than anyone in the STATE and that he's been interviewed by a major network regarding his REO and short sale business. He 'knows' the process, so he says. He's submitted each and every offer and is just waiting on a response--AS he continues to drop the price lower and lower (well below market value). **For the record, this agent is not in the top 35% of agents (that's as long as my list goes), nor could I find that he has done as many short sales as he said he has, NOR could I find any information on the network site that he said he had been interviewed!
I need to know if the 'rules' have changed regarding presenting multiple offers to BOA/CW? Are we not still presenting the ONE CONTRACT?
Thanks, in advance, for your advice!
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on -
Debe - No way- one offer is still the way to go! It seems this agent is submitting "offers" not contracts? Or is he submitting contracts with back-up/kick-out clauses? Either way, if your buyer REALLY wants to go forward, he is setting himself up for an auction situation.
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Permalink Reply by Jeff Payne on
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It depends but any and all short sales that I work have verbage that says only one offer to be submitted and any other offers will be back ups that will be presented only when the first offer is exhausted. IMO, the agent does not have a clue and the short sale will never get approved if more than one offer was submitted.
For what it is worth, I believe that only one offer can be accepted by the seller and no matter what the bank says, they are not party to the contract
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Permalink Reply by Jeff Payne on
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Debe, you should invite the #1 short sale agent to this site, maybe we can learn something from the best :)
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Permalink Reply by Debe Maxwell on -
Thanks Wendy & Jeff! I SO wish that the seller knew that this guy was doing everything wrong! I feel like they feel like they're in too deep with this guy and think they need to stick it out with him. I know CW/BOA are slow but, not THIS slow!
I laughed out loud at your last suggestion, Jeff! Perhaps he could use the expertise of others instead of thinking he's all that!
Thanks again!
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Permalink Reply by Jeffrey Smith on -
Hi Debe,
This agents problem is sending the bank multiple offers and it is Countrywide. One of my buyers backed out on the first offer I had with Countrywide. I told them and they "verified" they were told the first buyers backed out. I then submitted a second offer and those buyers backed out and then a third the same thing. (People do get disgusted with the Countrywide process) Each time I called they verified the new buyers name and offer amount. Finally, I submitted a 4th offer and three days after confirmation of receipt, I got a written acceptance!! -- For the first offer that had been made and rescinded 4 months prior! Only offer one at a time and Countrywide can STILL mess it up.
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Permalink Reply by Theresa Prim on -
Debe, I am curious what the status shows in the MLS?
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Permalink Reply by Melissa Polce on
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Hahaha...being from Charlotte, you and I both can name names of people we know that do short sales...now I am curious who this guy is(snickering), I think we all can say, when you submit all those offers not only will you confuse everyone(especially BofA & Countrywide) but it is also the 1st offer that should have been submitted with a pre-lim HUD-1 and also the seller's signatures...I think the guy has no clue...not only that but Countrywide & BofA have just merged their systems into Countrywide's system, all my BofA accounts(Shorts) were given new loan numbers and all my BofA shorts here have been 3rd party contracted out...OMG, dyin to know who this joker is...snickering again!
Everyone is a Specialist these days...LOL
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Permalink Reply by Leonard Collins on -
One thing that must be understood with BOA is this...When an unacceptible offer is received well below expectations without intiating any process, ordering a bpo ect the offer is dismissed without anyone being advised. Typically just thrown out and when followed up on correctly it is unfound and refaxed to go through the same process.
This can easily happen with multiple low offers.
I have no idea who your agent is and I'm not defending them personally but I do know BOA and an agent who is aware of this process to save time will submit following offers to peak interest.
An agent who is not aware of the process will send multiple offers as each expires if written with a traditional acceptance period or as quickly as the buyers walk.
Without continued contact where the property file stands will never be known regardless.
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Permalink Reply by Debe Maxwell on
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Thanks, Jeffrey! From his description was that he submitted them ALL and is just sitting back waiting!! ARRGH!--oh, even offered to 'add your buyer's offer to the mix!' Did I say ARRGH?!
Jeffrey Smith said:Hi Debe,
This agents problem is sending the bank multiple offers and it is Countrywide. One of my buyers backed out on the first offer I had with Countrywide. I told them and they "verified" they were told the first buyers backed out. I then submitted a second offer and those buyers backed out and then a third the same thing. (People do get disgusted with the Countrywide process) Each time I called they verified the new buyers name and offer amount. Finally, I submitted a 4th offer and three days after confirmation of receipt, I got a written acceptance!! -- For the first offer that had been made and rescinded 4 months prior! Only offer one at a time and Countrywide can STILL mess it up.
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Permalink Reply by Debe Maxwell on
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They're submitting multiple offers when the property still belongs to the seller--who NEEDS to sign a good solid offer and make it a CONTRACT to be submitted with all proper documents required, then hammer this HOME! :-)
Leonard Collins said:One thing that must be understood with BOA is this...When an unacceptible offer is received well below expectations without intiating any process, ordering a bpo ect the offer is dismissed without anyone being advised. Typically just thrown out and when followed up on correctly it is unfound and refaxed to go through the same process.
This can easily happen with multiple low offers.
I have no idea who your agent is and I'm not defending them personally but I do know BOA and an agent who is aware of this process to save time will submit following offers to peak interest.
An agent who is not aware of the process will send multiple offers as each expires if written with a traditional acceptance period or as quickly as the buyers walk.
Without continued contact where the property file stands will never be known regardless.
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Permalink Reply by Debe Maxwell on
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Hey Girl! Well, you SHOULD know him--his claim to fame is being the #1 short sale agent in all of NC!! Funny but, I had my BIC get me a list of top agents (2,000 of the 7,800+ here in the area) so that I could contact them regarding a couple of great listings I have. Well, this guy is not on that list! Now, wouldn't you think that he'd be in the top 2, 5, or 10% of all agents if he was the KING of short sales?? Then I checked his site and he has more leased and sold properties than active listings....hmm...all that and a bag of chips, huh?!!
Your point about the HUD-1 is a question that I asked--"Oh, no, I don't do that--I just send them all of the offers!" ARRGH!
Melissa Polce said:Hahaha...being from Charlotte, you and I both can name names of people we know that do short sales...now I am curious who this guy is(snickering), I think we all can say, when you submit all those offers not only will you confuse everyone(especially BofA & Countrywide) but it is also the 1st offer that should have been submitted with a pre-lim HUD-1 and also the seller's signatures...I think the guy has no clue...not only that but Countrywide & BofA have just merged their systems into Countrywide's system, all my BofA accounts(Shorts) were given new loan numbers and all my BofA shorts here have been 3rd party contracted out...OMG, dyin to know who this joker is...snickering again!
Everyone is a Specialist these days...LOL
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Permalink Reply by Debe Maxwell on
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Theresa--ACTIVE!!!
Theresa Prim said:Debe, I am curious what the status shows in the MLS?
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