Posted by Chi Ming on April 06, 2010 at 23:55:03:
the agent would not submit the offer to the bank and in a
SS the bank is not the owner. Additionally, he already
has a contract in place.
Agent would not submit my offer to the bank - Posted by Greg
Posted by Greg on April 01, 2010 at 19:36:21:
Hi,
I placed a cash offer through my buyer agent, but the selling agent would not
submit my offer to the bank for short sale approval. She claims there are two
more offers that were submitted prior to me and the bank has a policy to “view
1 offer at a time”. It makes no sense to me why would the bank not choose the
highest and best offer. The only reason I can think of is that there other offers
are submitted through the same selling agent, so she would get all the
commission.
If I am right, what can I do to get my offer to the bank? My “buyer” agent would
not do a thing either.
S’s REA must tell S of ALL offers - Posted by John Merchant
Posted by John Merchant on April 04, 2010 at 15:29:03:
Law in every state requires S’s REA to present or tell S of EVERY offer as they come in, then S decides if and how to respond to them.
Re: Agent would not submit my offer to the bank - Posted by Bradley
Posted by Bradley on April 01, 2010 at 20:41:00:
First,the bank doesn’t review and accept offers. They don’t own the property. The seller who is the property owner, reviewes and accepts one of the offers submitted to them.
Second, you can only have one signed contract on a property at a time. To do anything differently would be tortous interference with the in place contract and get the other parties in a legal jam. Once there is an accepted contract on the property no other contract can be signed, except as a back-up to the first if it falls out for some reason.
Third, the bank can only review and approve a short pay-off on a contract that has been accepted by the the seller. Therefore, only one contract can be submitted to the bank at a time since there can only be one contracat in place at a time.