Hello,
I've had an offer on a shortsale since the beginning of this year (Jan). In the last few days we've been asked to submit all of our paperwork again so that it can be entered into Equator . I wanted to know if once the offer is put into Equator and we have waited all of this time.... could another offer be entered into the system or would ours be the only considered?
Thank you in advance for any input...
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BofA has stated it's up to the owner to decide the best offer to input into the equator system.
Your fiduciary duty is ONLY to Mr. Owner of Record (Mr. Smith), NOT the bank. Your short sale is only going to take longer and the bank will likely ask for a higher cash contribution or promissory note from Mr. Smith if you submit more than 1 offer. You should ONLY submit ONE offer at a time through Equator.
It's unbelievable to me that you've had an offer in since Jan. & you're only just now being prompted to upload to Equator. It should have been uploaded to Equator no later than Mid Feb. Mr. Smith accepted the Jan. contract subject ONLY to 3rd party approval (the bank), why would you submit another offer when one has already been accepted. Again the Bank is NOT your client.
For the sake of doing what's best for your client (Mr. Smith) please hire a professional short sale negotiator to help you out, it's obvious you're not well trained in short sales. A negotiator will really be able to help you out when the bank does start asking for cash contributions or promissory notes.
In Virginia you do not have fiduciary duties to your Seller....I don't know about other states. I also don't see you saying that the servicer (mortgage company) and investors accepted the offer. So if you have had no response, the agent who submitted it via fax, could have not submitted all the required info. (they rarely let you know unless you call them). If a mortgage company asks the agent to submit it into Equator, it just means they are willing to look at it....that does not mean it is accepted at all. Although the owner is the Seller, the Investor (s) decide if your offer is acceptable to them. They can counter the offer and you will respond one way or another, and so will the Seller/owner (in writing).
I am assuming you are the buyer?
Emily S. Knell said:Your fiduciary duty is ONLY to Mr. Owner of Record (Mr. Smith), NOT the bank. Your short sale is only going to take longer and the bank will likely ask for a higher cash contribution or promissory note from Mr. Smith if you submit more than 1 offer. You should ONLY submit ONE offer at a time through Equator.
It's unbelievable to me that you've had an offer in since Jan. & you're only just now being prompted to upload to Equator. It should have been uploaded to Equator no later than Mid Feb. Mr. Smith accepted the Jan. contract subject ONLY to 3rd party approval (the bank), why would you submit another offer when one has already been accepted. Again the Bank is NOT your client.
For the sake of doing what's best for your client (Mr. Smith) please hire a professional short sale negotiator to help you out, it's obvious you're not well trained in short sales. A negotiator will really be able to help you out when the bank does start asking for cash contributions or promissory notes.
Thank you all for your replies...
Brigitte, yes I'm the buyer. We submitted the offer on the property back in Jan; it has never been approved by the bank. We are being asked to submit all of the paperwork again so that it can be put into Equator. I just wondered if being put into Equator meant that our offer would be the only one considered (I'm asking on this forum since the listing Agent's fiduciary’s responsibility is to Mr. Smith and not to us, and rightly so... ;), and if the Equator system may speed things up a little.
This is for Emily Knell: In Virginia we do not have fiduciary responsibility we have statutory responsibility - this was changed in 1995. Not all states are the same - imagine that?
This is for MD: I would tell your buyers agent to ask the listing agent to tell you if you are the only offer. Never assume anything. Tends to give you peace of mind :-). Yours is most likely the ONLY offer they have. Find out if your agent has done at least a couple of Short Sales.....and if not, tell her/or him you would feel more comfortable if he/she had advice from a more experienced agent. Find out WHY the offer has been sitting around for so long. Has your agent been in constant contact with the mortgage company? This is very unusual......something isn't right, or someone dropped the ball. A professional negotiator will cost you more money. Here in VA we have an attorney in our area who charges an extra 400.00 (besides the closing fee) to do the negotiation....BUT, let me warn you, that can backfire if you get someone who has never done it before. You need an agent who is experienced, willing to be educated and tenacious :-) If you can hang in there, hang in there...if you are a first time home buyer you only have until September for the tax credit.....so either tell your agent to partner with a SS experienced agent or make a change.
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