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I currently have my house listed as a short sale for the past 10 months. We had an offer come in 5 months ago, but the bank requested $6,000 more than what the buyers were willling to pay, so they walked. We put our house back on the market at the bank approved amount, had another offer at that amount, but our realtor declined that offer without even tellilng us about it first because he said he didn't think they were qualified to put down more money if the bank requested that. Turns out those buyers are now in escrow for the house (REO) across the street which is listed over $20K more than ours. Our realtor seemed very ambitious in the beginning of our listing, but now complains how hard short sales are and doesn't return phone calls.
My question is, if we change realtors now, will we have to start the short sale approval with the bank all over again or can a new realtor just take over from here? Here's our details: over 200 days on market, already approved once with bank on first offer, HAFA approved. I feel that time is running out and we really don't want to foreclose, but also that our realtor is just letting it go.
How could the Realtor "decline" the offer? Did the potential buyer refuse to put an offer in writing, or did the Realtor refuse to get the offer in writing? All offers must be in writing in order to be considered serious and be presented to the sellers, and "earnest money" must be tendered; verbal offers don't count.
Can you talk to the agents broker / office manager and request a more aggressive agent ? Explain the situation about the lost offer and they should (maybe) let you change agents or release you to another company.
In North Carolina earnest money isn't required to make a contract binding. Consideration is required to make a binding agreement. A purchase price can be labeled as consideration. So many people think that an earnest is required, in fact an earnest is standard for the real estate agent to suggestion to their clients before listing. Once the agent paints the picture it's best to get an earnest money deposit so the seller doesn't waste their time, then to sellers that makes sense.
In North Carolina earnest money isn't required to make a contract binding. Consideration is required to make a binding agreement. A purchase price can be labeled as consideration. So many people think that an earnest is required, in fact an earnest is standard for the real estate agent to suggestion to their clients before listing. Once the agent paints the picture it's best to get an earnest money deposit so the seller doesn't waste their time, then to sellers that makes sense.
We are the same way here. The offer price is the consideration. You can have zero earnest money here too.
In North Carolina earnest money isn't required to make a contract binding. Consideration is required to make a binding agreement. A purchase price can be labeled as consideration. So many people think that an earnest is required, in fact an earnest is standard for the real estate agent to suggestion to their clients before listing. Once the agent paints the picture it's best to get an earnest money deposit so the seller doesn't waste their time, then to sellers that makes sense.
There is disagreement at high levels in North Carolina on the EMD issue, and I suspect we will have further definition in the next year or so, due to renovation of the Offer to Purchase and Contract.
The Executive Director of the NC Real Estate Commission, Miriam Baer, also an attorney, has publicly clearly articulated her opinion that a contract without EMD or Due Diligence Fee is illusory.
I expect my clients will give up at least nominal EMD or Due Diligence Fee with the new Offer to Purchase and Contract coming up 1/1/11, and will not be the test pilots in a courtroom.
Of course, the OP of this topic withheld their location, so mention of North Carolina is moot, and likely OT.
While inn some cases changing estate agents can throw things for a loop...
...I think there must be more to this story. If the place. Across the street from the OP is $20k nicer and the prospective buyers knew that then almost certainly were capable of making the kind of offer needed by the bank.
If it turns oit that the agent has NO ENTHUSIAMS for the hassles with your short sale you need a new agent.
(btw you don"t need to be an attorney to understand that "the offer price" is something with zero value either intrinsically or otherwise and this cannot be consideration. I hope that North Carolina and any other states with ridiculous standard for real estate realize that making it too easy for folks to make ridiculous offers help no one....)
...I think there must be more to this story. If the place. Across the street from the OP is $20k nicer and the prospective buyers knew that then almost certainly were capable of making the kind of offer needed by the bank.
If it turns oit that the agent has NO ENTHUSIAMS for the hassles with your short sale you need a new agent.
(btw you don"t need to be an attorney to understand that "the offer price" is something with zero value either intrinsically or otherwise and this cannot be consideration. I hope that North Carolina and any other states with ridiculous standard for real estate realize that making it too easy for folks to make ridiculous offers help no one....)
Chet,
It should be easy to make ridiculous offers everywhere.
Just as it should be easy to refuse, negotiate, or accept such offers. Anything else is an abridgement of freedom that I wouldn't support.
...I think there must be more to this story. If the place. Across the street from the OP is $20k nicer and the prospective buyers knew that then almost certainly were capable of making the kind of offer needed by the bank.
If it turns oit that the agent has NO ENTHUSIAMS for the hassles with your short sale you need a new agent.
(btw you don"t need to be an attorney to understand that "the offer price" is something with zero value either intrinsically or otherwise and this cannot be consideration. I hope that North Carolina and any other states with ridiculous standard for real estate realize that making it too easy for folks to make ridiculous offers help no one....)
You should be able to make a stupid offer, legally. One doesn't accept stupid offers though. It is rare here to get an offer without earnest money and I have had one, in 7 years, come across my desk. Clearly, no seller will accept that, but I'm not sure that we want to legally require earnest money in a contract. That is between the parties.
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While inn some cases changing estate agents can throw things for a loop...
