Short Sale Ethical Question.

By
Real Estate Agent with Windermere Real Estate
  • You are the listing agent on a short sale home. 
  • There are two liens on the home  both with the same bank.  The bank has given you the standard line of, "don't call us until you have offers."
  • You price the home well and have two offers within a week.  Both are for full list price, but differ slightly on other terms.
  • You agree on one of the offers and submit it to the bank.  You do not submit the second offer right away. 
  • After 2 months the bank has not given you a letter of their acceptance or terms.  They have not even given you the name of the person in charge of the decision.  Meanwhile, the first offer is rescinded by the buyer.  You contact the second offer and they are still interested at the same terms. 
  • The home is within 2 weeks of the foreclosure date.

Here is the dilemma.  Do you submit the rescission to the bank? 

Do you Simply submit the new offer and hold off on submitting the rescission until the bank gives you a letter stating what they will accept?

Do you wait for the extension of the foreclosure?

????????????????

Your thoughts?

 

 

Posted by

Rob Graham, Managing Broker

Windermere Real Estate

206-321-6349

robgraham@windermere.com

Comments (1)

Lance Morgan
Fairway Independent Mortgage Corporation - FIMC NMLS#2289 Equal Housing Lender - Seattle, WA
NMLS#742281

Unfortunately I don't have answers for you Rob but I could write a pretty lengthy book on all the stories I've heard about short sales.  Rationality is out the window! 

Oct 30, 2010 07:03 PM

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