When You Are Representing the Seller in A Short...Do "you" submit an offer on the property?

Pardon my "newness". I have been trying to avoid short sales and now have given in to the reality that they aren't going away. So, I have been researching short sale agents in my area and have run across this statement on a couple of websites:

4. WHY WOULD I USE YOU TO HELP ME RATHER THAN MY RELATIVE THAT ALSO HAS A REAL ESTATE LICENSE?

Most banks will not stop the foreclosure process and start the short sale process until you have an offer on your home. We start the process by making an offer on your home. The key to a successful short sale is the BPO or Appraisal. The bank will determine what it will accept based on this number. Our team includes an appraiser and an experienced BPO agent that will provide the bank with this information and get the deal done.

IS THIS SOMETHING THAT IS NORMAL? Have I completely missed the boat here?

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Comment by Jenna Dixon on May 14, 2010 at 5:02am
Vaness, Thanks for commenting and I am definitely one to seek education. I am leary of our role as agents in the short sale process and not one to jump in with both feet without understanding what I am doing and COVERING MY ASSETS.
Comment by Bryant Tutas on May 14, 2010 at 4:32am
Jenna. There are many companies out there that do this. My opinion is that if you are a licensed agent then this may very well be illegal according to your State's licensing laws. If you are a REALTOR(R) then it is also my opinion that this is against the CoE. While this practice may work it is not one I condone, Just price the property right and get a valid offer from a legit buyer and get the deal approved and closed. We don't need to play games.

***Of course I am NOT an Attorney nor do I plat one on TV. This response is just my opinion. Please seek legal advice.
Comment by Vanessa Calhoun on May 14, 2010 at 3:57am
My suggestion to you is to educate, educate, educate yourself on the short sale process (especially since it's transitioning). The fact is, there are programs available now that will allow us to submit supporting documentation and a short sale package (sans offer) prior to an offer being made. The theory is that this will streamline the "wait" time after an offer has been received AND the listing agent will know exactly what the seller's lender will accept on the short sale. The listing agent, then, negotiates with the selling agent (the way that it should be done). Besides, if you educate yourself on the processes and programs, then you'll be able to confidently (and knowledgeably) answer any and all questions that your seller WILL have. Good luck and God Speed!!!

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