multiple short sale offers: Does Your MLS Allow Short Sale Games? - 12/18/09 04:28 PM
Bravo to the Florida Emerald Coast Association of Realtors for recognizing the risks of multiple offers on short sales. Our MLS requires all short sale contracts to be placed in "Contingent" or "Pending" status. What some agents do to skirt around this rule is submit unsigned "offers" to the short sale lender. That way, they could keep the properties listed in Active status while working multiple short sale offers, since an "offer" is not a "contract".
Here is the new rule from the Emerald Coast Association of Realtors:
"Further clarifying what a short sale listing in Active status represents, the Emerald Coast Association … (70 comments)
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multiple short sale offers: Short Sales: "One" Strong Contract = Success - 06/02/08 06:53 PM
I get calls daily on my Short Sale listings from agents who think I send multiple signed or unsigned offers to the Short Sale lender with equal position. That is- like an auction. Well, I don't. Per my MLS board approval, I leave listings active with the comment: "Contingency contract, bring your back-up offer". That means, an offer with a clause stating it will go into effect only if the primary offer is withdrawn or otherwise cancelled. Most agents in my area don't operate that way. I get resistance to my method with frequent comments, "That's not how it's done." "We don't do … (17 comments)
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