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How does using the Multiple Counter Offer keep a short sale property Active in the MLS

By
Real Estate Broker/Owner with Thompson's Realty

Multiple Counter Offer Form PictureMany real estate agents in Arizona who are listing short sales are utilizing a procedure that enables them to keep a short sale property "Active" in the MLS notwithstanding the fact that they are processing Offers on the subject property.

How is this being done? It's a bit complicated so read carefully.

The Listing agent will, with regard to the Offers in hand, sends each Offeror what is known as a Multiple Counter Offer (the "MCO"). The MCO(s) presents to each Offeror an opportunity to raise their original Offer to an amount higher than that set forth in the original Offer. Each Offeror receives the MCO and is asked to return it to the Listing Agent.  Now the Listing agent sends all of the MCOs' to the Lender for its approval. Only when the Lender approves what they consider to be the best offer does the Seller sign the Seller's Final Acceptance line on the MCO which that Offeror has returned. That will be the "winning Offer" and all of the other Offeror's Offer will be void, the Seller not having signed the "Sellers Final Acceptance" line on any of the other MCO(s).

Once the Listing agent has started the MCO process with the first Offers received he or she can continue the process with any other Offers that may be submitted after the original Offers have been submitted.

Why is this important for a prospectve buyer to know about?

The multiple counter offer process is totally in the interest of the Seller. It will keep their property in an Active status in order to get the highest and best offer. Short sales are difficult enough to complete. With what the Listing Agents are doing you can find yourself in a bidding war, something you might not want to be involved in. If you do choose to get involved with a short sale, you need a good buyer's agent that knows the ins and outs of  the process and is going to look out for your best interest. Buyers 1st Realty, TJ Harris  www.azbuyers1strealty.com is that agent and works with buyers throughout the valley.

Office: 480-836-4338 or Cell 480-734-3664 or email TJ@Buyers1stRealty.com

The MCO (Multiple Counter Offer) process has been approved by the Arizona Regional Multiple Listing Service (ARMLS).