2 Offers Submitted to Equator for SS - the LA Really Screwed Up

I'm the buyer on a Short property in Kirkland WA. Long story short, the property had been listed for over 3 months with no activity, my agent was drafting our offer when the property went pending SS in our MLS. We talked to the LA and he said that he felt the offer was low and had yet to submit it to the 3rd party negotiator (even though he already updated the MLS?) and told us to draft an offer and gave us a net value to meet, which we thought was fair. We did so, although our offer had a back-up addendum. I was able to track down the negotiator and he confirmed he was only working with OUR offer with the lenders/investors. Some time between days 30 and 60, the original offer was also forwarded to the negotiator and he was instructed to upload that into Equator. Every discussion on this forum answers that question with 'only work with one offer at a time'. Since the LA and seller have decided to do that anyway, I have no idea what to expect. I am told by the negotiator that the offers are nearly identical - the other party is a single guy and ours for a married couple.

This gets really messy because the language in our back-up addendum states it (the addendum, not the offer) expires after 60 days, which has come to pass. According to this forum, isn't it impossible to upload multiple offers into Equator? My agent is trying to verify.


Any thoughts would be welcome here!

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Permalink Reply by Michael McLaughlin on August 10, 2012 at 6:16am

While I should not ethically be able to confirm this, the LA has led me to believe that my offer nets more than the previous. We were told we needed to have a net offer that hit 15k below list price to come over the top of the first offer and we did that. I have no reason to doubt any of this info. He very well have been bidding the price up, but our offer is consistent with our value number so I'm OK with it.

Permalink Reply by Jeff Payne on August 11, 2012 at 3:34am

OK Michael I give, you win,   you came here for advice when you already had the answer that you wanted.  Continue on the way you were.  One short sale certainly made you an expert even though you obviously don't really understand what is going on and the information that you think you know should be very sufficient.  

You are correct, the listing agent really doesn't have any bearing on a short sale, it is ALL about the bank and the investor and nothing more.  The seller's situation and knowing who the real investor(s) are is irrelevant.  The 3rd party negotiator is very competent because it is very common practice for an effective 3rd party negotiator to submit more than one offer as it is very common also for a seller to agree to sell their home to more than one party.    You are also correct, GMAC is the decision maker and Chase has the second and it is a portfolio loan.  

You are so correct, everything else is irrelevant.

There you go, exactly the answer that you wanted to hear.

Permalink Reply by TOP END Properties on August 12, 2012 at 4:31pm

Why do you have a 'back-up addendum' if you are not even a back-up offer .. you are THE offer.   There is an Offer task which is the main method to submit an offer to the lender, but that task has to be initiated by the lender.  Otherwise they can upload any/all offers to the 'Library'.  If your addendum expired .. just fill out an extension.   I don't really see any issues here.

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