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
Can You Wait the Time it Takes?
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?
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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.
Looking for a terrific Rhode Island Realtor? Let me GOOGLE one for you!
cell: 401.529.7849 office: 401.884.4100 ext.268 Ginny Lacey Gorman, Realtor
Okay, are you talking buyer's side or seller's side or both? The reason I ask is because in sunny So Cal we have lots of buyers' agents who are led to believe that their client's offer was submitted by the listing agent, when in fact something else was going on. It is very unfortunate.
You would like to think that listing agents are acting in an ethical manner but short sales seem to bring out the worst in a few. I have a much larger issue with games played in not accepting very good offers I have submitted or total lack of response to good offers (the sure sign of the double ender) but believe for the most part once the seller has accepted that the agent is working in good faith to negotiate and close and continuous progress reports help with that confidence level.
Melissa, that is why i put this out there...something funny is going on that is why they came to me...how might i sort this out?? Since the sellers are long gone somewhere I can't even reach them to know if this is just heading towards foreclosure.
David...i normally don't have too many issues but this one is clearly sticky. Personally the house in question needs far more work than the buyers think ( i believe) and should be forgotten but i'm not the buyer..i do what is asked even when i'm asked in submitting a good faith offer!
Ginny: This is an excellent short sale post that really hits on the key things to take into account...getting #1 right can save time, money, and help avoid further issues.
Ginny,
When I have Buyers waiting on a response that is the first question I get is....was it submitted? Having a good Agent handling the negotiations is key.
Anita, it is crazy when these things happen...
Dan, it is so tough to know and knowing the short sale agent does make all the difference here.
I've had buyers question whether or not their offer really was submitted to the bank....short sales are like the wild west here in Utah!
Ginny why wouldn't a Seller want a Short Sales offer be sent to the bank since they are not going to be making any money on the house anyway?
Erika, now that is a blog title for sure...they are here too...
George, well i believe the seller has no idea the listing agent refused to accept the short sale offer & it never made it to the them- it stopped with the listing agent...something off here..
Ginny, this is why it's so important to work with reputable and trustworthy agents. Thanks for this thought-provoking post, keep up the good work as a top North Kingstown short sale agent!
Ginny, I have not worked with any Short Sales, but if I do I'm checking with you for advice your the #1 North Kingstown Agent.
Ginny, I still think if a Realtor does not submit to the bank, there IS a way to find out, and their reputation would be tarnished!
Hi Ginny,
This is really good advice. Thanks for sharing your expertise as a North Kingstown short sale agent, I wish you more success!
Hello Ginny,I understand what you mean.Great advice here.I like how you always find time to share your knowledge and take time to help others.It really shows how expert you're as North Kingstown Short Sale Agent.
Hi Ginny,this is a great blog,definitely an informative and straight to the point.Their is alot to think about and the most important is to save money,time and avoid issues.Good luck on this I know you can do it and Keep being the number one North Kingstown Short Sale Agent.