This is the 4th short sale we have tried to get, and the only one who accepted our offer.

Two weeks ago we placed a full price cash offer on a house that has been on the market for over 149 days.  AFTER we placed th offer, our agent found out that there had been two previous offers.  One was low, and GMAC turned it down.  The other offer was for $10K over asking, was approved, but the buyer found another home, and dropped out.  The agent explained she can't take the home off Active because of a clause in her contract with GMAC.  This makes us nervous.  We could raise our offer to the already approved price, but we fear they will come back even higher since we are showing so much interest in the property.  Meanwhile the house can be shown, and other offers taken, I guess.  What to do?

Does GMAC keep all properties Active in the MLS?

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I have ran into that also. I because a issue with the agent stuck in the middle. They are fielding call and contract on a property that have an offer causing them to do more work and get people like us peeved at them. The local board they belong to may have a policy they are in violation of. But the board reviews the banks forms and lets it go. This is what happens when banks act Realtors with out licenses.

I wonder if your state has AWC-That would still qualify as active

Susan,

GMAC does not own the property. GMAC has no right to demand the agent to do this.

In Southern California this IS AGAINST the MLS Rules.

I would file a complaint on the MLS against said listing agent on the CRMLS.

This appears to be an agent who does not follow the rules and has no knowlede of how to do short sales.

The Listing Agent must think she is working for the Bank instead of her client.

I have done Short Sales with GMAC and they do not ask this or at least never have of me.

I am Guessing,... I think the agent is looking for buyers or a double end.

It is my opinion when you deal with an agent who does not play by the rules you should report them and move on and find another home for your client.

When you report them to the MLS you should not stop there you might want to take it to the board and grievence committee.

I would not raise the offer. this is not what the listing agent wants.

Also, GMAC has a knee jerk reaction to all offers to ask for more money even though the BPO does not support. The BPO will not be disclosed to you. They have no ethics to tell you the truth.

We can not continue to allow listing agents to keep homes on the market that already have a signed offer. She can put it in backup. 

GMAC Does Not own the Home and even if they did the agent can NOT act in a manner against the MLS rules.

The MLS violation will not show who made the complaint. It will go to both her Broker and her. if it is a repeat it will cost her.  She will not know if you did it or a buyers agent who does not want to waste their time showing sold homes.

Harold, I think you are right.  I think the listing agent/seller was looking for more buyers as a cushion.  It made us uncomfortable, but I did put an update in here stating that she finally put a "Hold. Do not show!" Evidently she got all her paperwork in "early" last week.  Wonder what "early" means.  Wednesday? Ha!

We were so nervous that we kept looking, and another possible home has come up.  We are previewing that one this week if it doesn't get snatched up.  It's a fixer and is REO, so the cash sale on that, could be much easier than this one.  We haven't decided on it, and our original offer still stands.  Hopefully the bank's investor will get back with an approval or counter soon.  Learning a lot from the "Short Sale Hell" thread here, and am not willing to wait through extensions after extensions.

When listing agents keep listings Active, no matter what their reasons, they should know the buyer they have in their hand might fly away to a better opportunity if one should knock.

Thank you!

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