Was My Short Sale Offer Submitted to the Bank?
The truth is you may not know. However, a Realtor has a fiduciary responsibility to you and to act in an ethical manner on any and
all real estate transactions. Being ethical is the crux of this dilemma buyers face. Is the listing agent behaving in good faith and submitting all short sale offers to the bank…or are they holding offers where they do not represent the buyers?
Realize that there are consequences to not submitting the short sale offer to the Bank and most Realtors are reputable and represent their clients fairly. Every Rhode Island real estate property has a story behind it.
Be aware also that the seller may not be willing to sign off on the offer because they feel it is too low in price or the contingencies placed on the sale by the buyer are unacceptable to them. It takes more than the short sale price sometimes to make an offer attractive to the seller…i.e, what contingencies are also placed with the offer, number of days to close, amount of dollar deposit put down on the offer, number of days the buyer will wait for short sale approval letter and dollar amount financed (and more).
First and foremost work with a reputable short sale Realtor to represent you.
One who has a track record of knowing and understanding the short sale process. Do not go it alone in this process. Representation is no cost to the buyer and will ensure financial protection in this process.
Secondly, request that your short sale Realtor is copied on all corresponding emails to the bank so they can track the progress and know that the offer is moving and was submitted to the buyers lender.
As a North Kingstown short sale agent, my legal team is on top of all short sale transactions to ensure they are moving within the wheel cogs of the Bank and ensure no glitches occur.
Thirdly, the bank may have a bottom line dollar number (or the banks if there are multiple loans on the real estate in question) that they will accept.
Knowing this amount will give you more information in this process. Unforturnately, that may not be known until the Brokers Price Opinion is done by the Bank.
There is more to submitting a short sale offer than the piece of paper and earnest money it is submitted on. Call Ginny Lacey Gorman today for more on short sales in Rhode Island real estate at 401.529.7849. Was My Short Sale Offer Submitted to the Bank?
Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the North Kingstown RI geographic area of homes for sale, schools, happenings, important tidbits of information and businesses well. Waterfront, water view, ocean front, luxury and coastal Rhode Island real estate are her specialty, so call Ginny for your buying and selling home needs. As North Kingstown short sale agents, she and her team helps clients navigate successfully the rough short sale waters throughout RI, contact Ginny if you are having trouble paying your mortgage. When you are in need of an internet savvy RI realtor® who sells homes in this real estate market, call Ginny today at 401.529.7849.
This blog © and its contents is original to Ginny Lacey Gorman
Ginny L. Gorman a purveyor of Fine Waterfront RI Real Estate
Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich, Westerly RI and beyond ... I sell dreams! because there is no place like home...the RI Realtor in the Sparkly Red Shoes.
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cell: 401.529.7849 office: 401.884.4100 ext.268 Ginny Lacey Gorman, Realtor