Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Is there any way to tell if a competing offer is valid or just the owner and/or realtor playing around. Also, if I make an offer on a short sale, is there a way to find out if the seller's agent actually submitted my offer to the bank?
Also, my agent was unsuccessful in obtaining a copy of the contract with the seller's signature. Why would the seller's agent not comply? Did they possibly not submit our offer or what?
1) There is no way to know if a competing offer is valid. The seller's agent has issues of confidentiality so they can't tell you about details unless the seller says they can. Your only option would be to file a complaint with the real estate board, since one of the fiduciary duties of agents is to be honest to all parties (at least we are here in Oregon).
2) The bank won't tell you anything because they can only talk to people who have a release of information. I think the best you can do is ask the agent for a copy of the confirmation slip from the fax.
3) If you don't have a contract with the seller's signature, then you don't have a contract (at least here in Oregon). Contracts have to have mutual acceptance. If you don't have a signature, you don't have mutual acceptance.
4) I would have your agent call the seller's agent's principal broker and explain that you do not have a fully executed copy of the contract and are having trouble getting it.
Now...one exception to this is that in some areas, with short sale, real estate agents require an "open offer" period for 30 days or so, in which they take offers, but don't execute the contract until the lender gives their final approval. We don't do business that way here, but I have heard in some other states about agents doing that. We execute one contract and then take back-ups.
It sounds like you don't trust the other agent, so I would have your agent do some talking with the principal broker.
with short sale, real estate agents require an "open offer" period for 30 days or so, in which they take offers, but don't execute the contract until the lender gives their final approval. We don't do business that way here, but I have heard in some other states about agents doing that. We execute one contract and then take back-ups.
Really? I've never heard of such a thing. Where are they doing that? And it still means you don't have a contract regardless of how the listing agent would like to handle it. That's weird...why would anyone do such a thing? It's certainly not in their client's best interests.
Really? I've never heard of such a thing. Where are they doing that? And it still means you don't have a contract regardless of how the listing agent would like to handle it. That's weird...why would anyone do such a thing? It's certainly not in their client's best interests.
I know of two agents in CO that do this. They require that they have a 30 response date to the offer for short sales. So buyers have to put the response time out 30 days. I thought it was the funkiest thing I ever heard, but it's what they do.
Aside from the 30 day open listing which I've not heard of people doing, Silverfall summed it up pretty well.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
