I just took a property off the market after receiving an offer , the offer is a low ball but what the heck , I felt at least it will get the ball rolling to submit package to bank since they did not want anything without an offer.
One week later I get a call from another agent that has a buyer that will pay 25K over what we get the home for and wants to get it in writting.
Can this be done ? , do I have an obligation to contact bank and let them know their is another interested party ?
neither offer would be enough to make the bank whole , so the seller could care less , the seller has filed BK and included the note , the BK has been discharged .
I would want to relist the home the same day of closing and re sell it to the new buyer
I feel the bank has had ample to time to do its due deligence and determine the price of this home and if they accept an offer it does not matter if someone comes the next day or the next year and offer more
What do you think ?
Tags:
what part of SELER FILED BK did you not understand ?
I personally don't think you have done anything wrong it is now up to the bank to do their due diligence if they accept the offer it is their choice. They have the opportunity to counter they do it everyday.
Your seller has signed an offer you can take the second offer as a back up if the first does not get accepted or is countered and the buyer walks.
If the bank does accept the first offer we all assume they have done what is necessary to price this home and the investor has made an informed decision. As you know they do not hire the list agent to do the price opinion.
If there are no comps to support the low offer even with the code violation issues then they will counter. I am sure you have informed the bank of the code violations they will take that as well into consideration with the offer.
The beauty of it is the code violations banks know that their buying pool has been reduced and will not want to bother with the hassle of clearing up those issues.
You have done nothing wrong.
Tara,
Since you are obviously representing the lender, I think it would be wise to disclose that to your clients. Also, put in your listing that your fiduciary duties are to the bank no them.
Since you are so adamant about disclosure, I'm sure you already do all that, right?
I love those 2 words .. "TRUTH HURTS!" :-D
Tara, would you like to come to SW Florida? I will buy you a cup of decaff...
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