What Does an Agent Do When a Short Sale Bank Asks to See All Offers?

As if they can make the decision for the seller or know what a good, (it will close) offer looks like.  Pfffft on the banks.  And by the way I recently dealt with a stupid out of my area appraiser who had those same blinders for know condition of comps when he used some crappy REOs as comps on my excellent condition subject under contract.  I guess we can't run over them with our cars right?

You'd think we'd be past the bank wanting to see all offers by now.  That doesn't make sense to them or us.  Their negotiators can handle the workload they have with just one contract on each home.  Forget giving them twenty offers you received on a Sacramento Short Sale.  

I don't need another reason to be irritated by the big banks, but I'm so glad you posted this! Thanks for pointing out that the banks don't own the houses, they need to foreclose before that.

Elizabeth ~ I'm representing a buyer on a short sale purchase. Today, the listing agent said the bank asked for proof of my LLC filing for my real estate company and a copy of my Operating Agreement. WTF? I provided a copy of the filing from the Secretary of State, but I told her my Operating Agreement is proprietary and confidential. What's next... a copy of my birth certificate? For goodness sakes, I'm NOT the buyer!

WHAT??? What are you trying to tell us Elizabeth?  Are you saying there are still things that are sacred and kept away from the banks?  :)

I love when what we arrogantly call the "$8 an hour people" explain real estate law and what is "required"...oh not...then when they back down and say they are making an "exception" for what was already true in the first place...grrrrrr...

Elizabeth, I can tell  from your writing that you are a professional with great character and fortitude. The kind we need in all real estate trnasactions--not only in short sales. I bet your clients are good in hands.

If they want all offers, they can have all of them, no problems. I had 40+ offers on my last short sale, they want them? Fine. I heard, some agents have 100+ offers, they want them? Sure!

Elizabeth - The "entertaining" thing about the last few years in real estate have been the continuing array of different circumstances, which don't interlock with current law. 

I was recently speaking with a friend of mine, who is a retired judge.  He said, "The law that a home belongs to the homeowner or seller, doesn't take into account, that the entity you are asking to really take the "haircut" with a short-sale is the bank or mortgage holder.  The seller may sometimes only want to accept an offer from a friend, or family member, etc. (We haven't seen that yet. . .wink, wink). 

BUT, the bank comes to the party late.  Truly, a seller should only hope to move on with life, while preserving some modicum of credit worthiness intact with a short-sale.  However, we are asking the bank, who is not on title as the owner, to take it in the shorts (excuse the pun), while the "seller" is calling the shots at what ultimately will be the banks expense and loss!"

I'm no friend of banks right now either. . .BUT, my friend makes an excellent point!

I'm also reading Mel's #4 comment!  It is outrageous that a bank would ask for her LLC filing for the reasons she mentions. 

Well I send them all the offers.   25 one time and the back called me and asked how they would decide.  I told them they were the ones who didn't trust me to send the best ones.