Quote:
Originally Posted by rjrcm
Interesting. Our short sale addendum allows a seller to submit all offers to their lender, but it's not required. In fact, many agents make a point of advertising that only one offer will be signed by the seller to be submitted and the rest held as backups to be submitted only if the first is not accepted. It's the listing agent's duty to insure that the seller sees all offers. The lender has never been included in that requirement as the lender is not a party to the contract, only a contingency for approval after the seller selects the offer to sign
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From what I've been reading several variations of the same thing are going on. That is, the listing agent or someone he/she is networked with (investors) is looking for cheap short sales, which means the listing agent has to persuade the seller or the bank that the price is too high. To do this, they sit on offers, then tell the seller or the bank that the property is priced too high. When the price reduction is finally low enough the agent or people he or she is networked with makes an offer.
One of the other stunts is only submitting that one offer in a case where there are multiple offers. This effectively eliminates the public from competing in the purchase of short sales or bank-owned properties. As you know, when there are multiple offers on short sales the bank has to approve the offer.
I think the article was written poorly, giving the reader the impression that a broker must continue to submit offers up until the property closes. Of course that isn't the case once the seller or the bank accepts an offer.
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