Short Sale Experts Come in!!

This is going to sound like an odd question, but HOW do you put an offer on a short sale? We do have an REA but he's been MIA the past few weeks and we're anxious to put the offer on the house. We haven't been able to get in touch with the listing agent (she hasnt returned our calls in the past 3 days) and another REA told us to just have our lawyer write up an offer. When we went to our lawyer he suggested that we go throught the listing agent It just seems like no one wants to put the work into this. We were going to go directly to the bank that holds the mortgage but we don't want to skip steps. We saw this house a week ago and have been trying to put the offer in since the day after we saw it. The realtor who showed us the property is flakey and she keeps giving us round-about answers on how to do this.

Do we NEED an REA to put in an offer? And who do we put the offer in with? The bank? The listing agent? Our REA? Who writes the offer?

I know this seems like a stupid question, but we just can't seem to get a straight answer from anyone. You'd think they would want an offer but it almost seems impossible with the games everyone is playing.

Message edited 3/18/2011 10:17:49 AM.

Re: Short Sale Experts Come in!!

The fact that the listing agent isn't getting back to you is not a good sign

with short sales everyone must work together to get them done

Did you sign a buyer broker agreement with you agent?

techincally if you did- he is entitled to the comimssion

Are you sure it's still available?

If you want FM me the MLS# and I will call - they will tell me much more then they will tell you

Re: Short Sale Experts Come in!!

they offer needs to go to the listing agent

they are the ones who communicate with the bank- they fact that she is "flaky" is not instilling confiendence that she can get this done

short sales are not something you can be flaky about- if the bank requests a document- you need to get it to them in time - or they close the file

I have to run and finalize a short sale listing now- but feel free to FM me and I will help as much as I can

Re: Short Sale Experts Come in!!

Beth I will send you FM.

Thanks!

Re: Short Sale Experts Come in!!

We did sign a buyer broken agreement with our REA but he was not the agent who showed us this house. Is he still entitled to the commission? Not that I dont WANT him to get the commission...I just wasnt sure if he still would get it since he didn't show us this house.

Re: Short Sale Experts Come in!!

Yes, a buyer's brokerage agreement usually says that you will buy exclusively through that agent for a certain period (e.g., 6 months), and it should also say the commission he is entitled to. You should have a copy of your agreement.

So if you are within the contractual period of time (whatever you agreed to), then he gets his commisson.

He should be showing you all of the houses you are looking at (and disclosing up front that he is representing you as a buyer's agent) OR if you go to an open house or something on your own, he should've told you to let the other agent know up front that you are represented by a buyer's broker. Usually, I give my customers copies of a letter that says I am their buyer's agent and has all of my contact info on it.

Are you sure you signed an actual buyer's brokerage agreement and not just the NY State Agency Disclosure form or some other form?

Re: Short Sale Experts Come in!!

Re: Short Sale Experts Come in!!

If you did, you should call your agent up right away and make him work for you on this. If he's your buyer's agent, he is supposed to not only make the offer for you, but protect your interest in every way. A buyer's agent has a LOT more responsibility to his client than an agent that is just working with a buyer customer in a traditional relationship.

Hope everything works out for you! Short sales can be challenging (because a lot depends on the bank and the seller's degree of cooperation with the bank, both of which is out of your control). If the listing and/or selling agents don't know what they are doing -- particularly the listing agent -- it's that much harder.

Good luck with it!

Re: Short Sale Experts Come in!!

Re: Short Sale Experts Come in!!

Just checked and he signed a disclosure form, not the buyer broker agreement.

Re: Short Sale Experts Come in!!

Re: Short Sale Experts Come in!!

Well our agent called back. He was away on vacation. Anyway, he's drawing up the binder as we speak. He said he would put in the binder that the bank has to respond to the offer within two days. I feel like that's a slim chance

Re: Short Sale Experts Come in!!

I don't think that is correct, that the agent has 2 days to respond.

I think the bank has 10 days once the short sale package is complete, meaning they have all info needed to make a decision, including sellers' financials and hardship letter. So that can turn into months while the bank requests more info, etc. Plus, there is no way to really enforce the 10 day "rule."

Also, I know some banks will accept a sales agreement/binder that is signed by both sides, but I have heard of some banks requiring fully signed contracts (in most other states, agents prepare the contracts, not the attorneys).

Beth may be able to advise more or correct me - I think she has more short sale experience than I do.