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Short Sales getting multiple offers

By
Real Estate Agent with Berkshire Hathaway HSCA Properties 01446575

I am just wanting to take a vote if you list short sales.  Do you take multiple offers?  and if so do you leave it active in the MLS.  I am going crazy showing properties and they really aren't still available.  If we all would state that there are multiple offers or state that you will only work with one offer and take back-ups all of our Realtor lives would be so much better.  I personally list a Short Sale and once the buyer accepts an offer, place it in backup. Help!!!

Comments(7)

Chanda Barrick
Keller Williams Indy Metro Northeast - Indianapolis, IN
in referral

So are you saying that these are properties that have an accepted offer, but they have the status still listed as active?  Now that really wouldn't make sense.  It does get so frustrating when people don't update the listing to show the true status.  I was running into that quite a bit recently.

Chanda panda

Jul 28, 2009 12:57 PM
Eric Boyd
Red Rooster Property Management, 904-469-6335 - Jacksonville, FL
FL Lic Real Estate Broker / Property Manager

Linda,

Here in Northeast Florida, we have a Short Sale Addendum that goes along with our Purchase and Sale Agreement.  The standard verbiage in the SSA states that if the seller recieves another offer, then they must notify the Buyer of their intent to submit the offer alongside the 1st Buyer's offer.  The 1st Buyer has the option, at that point, to withdraw their offer, or to leave it in place and compete with the other(s).  This is all fine and good, but what trumps that is that a few of the lenders we've worked with have no desire to look at multiple offers.  They want to see the highest and best offer put forward by the Seller.  In my opinion, the Seller has a duty to their lender to do just that: put forward the highest and best offer.

Now, to your dilemma, if the Seller has accepted an offer, and there is a subsequent contract in place, then the listing agent has an ethical duty to notify you of that fact. (Standard of Practice 3-6)

Jul 28, 2009 01:14 PM
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes

I try to avoid them at all costs but like Eric said we do have an addendum for that. Also contact A CDPE agent in other states they know their stuff.

Jul 28, 2009 01:17 PM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

I call every listing agent prior to showing the property to see if's still available and if so find out how they handle short sales.  This way when I show the property I can explain to the buyer how the agent works.  Half the properties my clients want to see tend to already be gone, but the listing agents for these properties still allow showings and they don't disclose this to anyone.

Jul 28, 2009 01:35 PM
Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"

I know all homes are getting multiple offers here, in certain price ranges.. it's pretty amazing.

Jul 28, 2009 01:39 PM
Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

I wish there were rules.  I don't like to bid on them if I can help it.  It's not worth the hassle.

Jul 28, 2009 01:42 PM
Rich Cederberg
eXp Realty - Albuquerque, NM
eXp Realty Agent Albuquerque

It seems like different markets do short sales in different ways. In New Mexico we have an addendum that clearly states that the property will stay on the market and other offers will be accepted. We don't have a status like Active-contingent.

 

Jul 28, 2009 01:56 PM