Real Estate ethics (short sale, foreclosure, attorney)
New Jersey Suburbs of PhiladelphiaBurlington County, Camden County, Gloucester County, Salem County in South Jersey
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My wife and I put an offer on a house that was a short sale. The owner openly told us that he had one offer yesterday and he had a side deal to leave his belongings for $$. I was told we could still submit offers until the attorney review was over and then the highest offer would be taken to the bank. Now I was told that my offer may have been higher but the owner wants to keep the original offer b/c he has a friendship bond with the other buyers. Isn't this unethical of the listing agents to not present the highest offer to the bank?
As others said in a short sale situation, the owner of the property is the one who decides which offer they want to tender to the bank. It is then between the owner and the bank as to whether the offer is accepted.
If this was a REO (foreclosure) and the listing agent didn't forward all offers to the bank, then that could be a breach of ethics.
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