Comments - Present ALL Offers or ONE Contract to the Lender for a Short Sale? - Short Sale Superstars2024-03-28T20:20:34Zhttp://shortsalesuperstars.com/profiles/comment/feed?attachedTo=3468065%3ABlogPost%3A5489&xn_auth=noTom - This should be either i…tag:shortsalesuperstars.com,2012-08-12:3468065:Comment:2587202012-08-12T21:37:30.080ZWendy Rulnickhttp://shortsalesuperstars.com/profile/WendyRulnick
<p>Tom - This should be either in Bank of America or Equator group. You should enter point of contact for access to the property (normally the listing agent).</p>
<p>Tom - This should be either in Bank of America or Equator group. You should enter point of contact for access to the property (normally the listing agent).</p> Question, could not find the…tag:shortsalesuperstars.com,2012-08-12:3468065:Comment:2586252012-08-12T21:02:17.885ZTom Schoenbeckhttp://shortsalesuperstars.com/profile/TomSchoenbeck
<p>Question, could not find the right forum. BOA Equator system asks for the 'valuation' contact info. Do I select the BPO agent?</p>
<p>Question, could not find the right forum. BOA Equator system asks for the 'valuation' contact info. Do I select the BPO agent?</p> Hi Debe, Thanks for bringing…tag:shortsalesuperstars.com,2009-10-23:3468065:Comment:57902009-10-23T12:00:43.188ZBryant Tutashttp://shortsalesuperstars.com/profile/bryanttutas
Hi Debe, Thanks for bringing this discussion over to ShortSaleSuperStars. In my opinion this topic and the folks that don;t understand it is one the biggest reason why the short sale process is so screwed up. Well done.
Hi Debe, Thanks for bringing this discussion over to ShortSaleSuperStars. In my opinion this topic and the folks that don;t understand it is one the biggest reason why the short sale process is so screwed up. Well done. Allen, That's exactly what I'…tag:shortsalesuperstars.com,2009-10-23:3468065:Comment:57872009-10-23T10:25:03.678ZDebe Maxwellhttp://shortsalesuperstars.com/profile/DebeMaxwell
Allen, That's exactly what I've heard--I've not experienced that but, have heard that's what will happen. Like you said, not a good way to go about it if your seller is nearing foreclosure.<br />
<br />
Debe
Allen, That's exactly what I've heard--I've not experienced that but, have heard that's what will happen. Like you said, not a good way to go about it if your seller is nearing foreclosure.<br />
<br />
Debe Hi Sherry! Glad it helped! Af…tag:shortsalesuperstars.com,2009-10-23:3468065:Comment:57802009-10-23T04:51:32.090ZDebe Maxwellhttp://shortsalesuperstars.com/profile/DebeMaxwell
Hi Sherry! Glad it helped! After representing two buyers with the same circumstances, and watching two homes foreclosed upon as a result of those listing agents' mistakes, I was prompted to share this with the world! I took the NAR SFR designation course yesterday and during the course, the instructor asked two of the participants to name the ONE thing that they wish all agents knew about short sales and this was not one of them! I was rather surprised that the length of time the process takes…
Hi Sherry! Glad it helped! After representing two buyers with the same circumstances, and watching two homes foreclosed upon as a result of those listing agents' mistakes, I was prompted to share this with the world! I took the NAR SFR designation course yesterday and during the course, the instructor asked two of the participants to name the ONE thing that they wish all agents knew about short sales and this was not one of them! I was rather surprised that the length of time the process takes was one of their answers and the other was to do a title search prior to listing all short sales. I got that one but, what about the offer(s) vs. contract submission?!!<br />
<br />
Have a great weekend!<br />
<br />
Debe OH, I apologize, Clayton! I w…tag:shortsalesuperstars.com,2009-10-22:3468065:Comment:57192009-10-22T02:27:46.611ZDebe Maxwellhttp://shortsalesuperstars.com/profile/DebeMaxwell
OH, I apologize, Clayton! I wondered why you were even on this site if you didn't LOVE short sales!! Funny thing but, I was in the new NAR's Short Sales & Foreclosures (SFA designation) class today and the instructor attempted to make an argument for submitting multiple but, those who do these things routinely in class 'rebelled!' I had a buyer a few months ago who was the PERFECT short sale buyer--no rush, no funky financing, good, clean Offer and we waited and waited to receive the…
OH, I apologize, Clayton! I wondered why you were even on this site if you didn't LOVE short sales!! Funny thing but, I was in the new NAR's Short Sales & Foreclosures (SFA designation) class today and the instructor attempted to make an argument for submitting multiple but, those who do these things routinely in class 'rebelled!' I had a buyer a few months ago who was the PERFECT short sale buyer--no rush, no funky financing, good, clean Offer and we waited and waited to receive the signed, ratified Contract back from the listing agent. Finally, after about 20 emails and phone calls over the course of a couple of weeks, we were told that the offers had been 'countered' by the bank. My buyer knew the market stats and countered back minimally and we started the waiting game again. After a VERY long time of waiting, we withdrew her Offer due to 'no response' from the seller. Shortly thereafter, the property went into foreclosure--DUH! Who would have thought?! The seller came after me for allowing my buyer to walk and when our attorney explained to her about the multiple offers submitted and how you are NOT supposed do this, she then went after the REAL guilty party--the listing agent who didn't know what he was doing!<br />
<br />
I tell that story to share with you my passion about ONE Contract and back up offers--NOT multiple offer submission! Thanks for clarifying your earlier answer!<br />
Debe I am sorry for not being clea…tag:shortsalesuperstars.com,2009-10-21:3468065:Comment:56852009-10-21T14:54:46.619ZClayton Bonjeanhttp://shortsalesuperstars.com/profile/ClaytonBonjean
I am sorry for not being clearer, you misunderstood me. I love short sales. I agree with your blog 100%.... Meaning, do not let the listing agent submit multiple offers and require them to sign the contract and remove the listing from active status. In Florida, our short sale addendum allows for multiple offers; therefore, I always strike the multple offer wording in our addendum to prevent this from happening. I write in that any other offers will be held back up position, the seller will sign…
I am sorry for not being clearer, you misunderstood me. I love short sales. I agree with your blog 100%.... Meaning, do not let the listing agent submit multiple offers and require them to sign the contract and remove the listing from active status. In Florida, our short sale addendum allows for multiple offers; therefore, I always strike the multple offer wording in our addendum to prevent this from happening. I write in that any other offers will be held back up position, the seller will sign the contract, and the property will be changed to "contingent" on the MLS. I learned this the hard way and hope this will help other agents.<br />
Clayton Clayton--I'm not sure what yo…tag:shortsalesuperstars.com,2009-10-21:3468065:Comment:56552009-10-21T05:38:18.532ZDebe Maxwellhttp://shortsalesuperstars.com/profile/DebeMaxwell
Clayton--I'm not sure what you're striking on your FL addendum or if you mean that you don't do short sales at all but, if your buyer wants to purchase a particular property and it happens to be a short sale, I would not discourage it at all. Your buyers will have to wait longer than a normal re-sale but, the amount of savings is generally WELL worth the wait and short sales are not unethical at all--in fact, you're doing the sellers a HUGE favor by keeping them from foreclosure proceedings.…
Clayton--I'm not sure what you're striking on your FL addendum or if you mean that you don't do short sales at all but, if your buyer wants to purchase a particular property and it happens to be a short sale, I would not discourage it at all. Your buyers will have to wait longer than a normal re-sale but, the amount of savings is generally WELL worth the wait and short sales are not unethical at all--in fact, you're doing the sellers a HUGE favor by keeping them from foreclosure proceedings. You just have to be sure that the listing agent on the property is not submitting multiple offers to the bank, rather ONE signed contract (your buyers, you hope)! If you want your buyers to succeed, by all means, show them the property that is best suited for them and confirm with the LA that he/she is working the short sale in the proper manner. If you're representing many buyers at all, you're eventually going to be faced with one who wants to purchase a short sale property--best of luck with it! I advise my buyers to avoid t…tag:shortsalesuperstars.com,2009-10-21:3468065:Comment:56542009-10-21T03:58:41.166ZClayton Bonjeanhttp://shortsalesuperstars.com/profile/ClaytonBonjean
I advise my buyers to avoid these short sales. It really does not seem ethical and it is not in the best interest of the buyer. I also strike the multiple offer wording in our Florida short sale addendum and require sellers to sign the contract and make the property "contingent" in our MLS. I want my buyers to succeed.
I advise my buyers to avoid these short sales. It really does not seem ethical and it is not in the best interest of the buyer. I also strike the multiple offer wording in our Florida short sale addendum and require sellers to sign the contract and make the property "contingent" in our MLS. I want my buyers to succeed. Right on, sister!tag:shortsalesuperstars.com,2009-10-21:3468065:Comment:56412009-10-21T02:18:50.313ZAmy Rosehttp://shortsalesuperstars.com/profile/AmyRose
Right on, sister!
Right on, sister!