In the industry we all know and love the standard operating proceedure has been write and offer and get a counter offer in the time frames the contracts specify. What is happening with the REO and SHORT SALE listings is that the Agents Representing these entities are not playing by the rules! The rules of Contract Law! I am seeing time lines stretching out weeks until the REO agent gets their offer in place only to double end the deal, I am seeing Short Sales go on for years with the Banks getting our money but not hiring enough competent people to get the job done! This market has been infuriating to say the least and unless we POLICE ourselves we are in big trouble. I ran a list of HOLD DO NOT SHOW for my county and came up with 12,000 plus listings in that satus which shows the level of deception and uneducation that these Listing Agents have, I encourage all professional agents that want a job when this all is said and done to actively pursue the Rights and Duties you have as a REALTOR to educate and or Report to the Board in Grievances these Agents that are destroying the business! We are letting this happen and We are RESPONSIBLE!!!
WOW not sure about your state and how things work but I know where we are short sales are taking forever but not because of the agents but the banks. I also know by law until the banks except an offer in writing the banks can except multiple offers in our area.
I had a listing (short sale) that went on for months and months with an offer on it when the market was totally in its lowest low and the offer was reasonable for that time ... then after almost a year of fighting with the 1st, 2nd, and 3rd we finally get the banks to all agree and we get another offer almost 8 months for more money and because the market had improved and the appraisal supported this the poor buyers in 1st position could no longer afford the house that they waited for 8 months and lost the home.
I felt terrible but what do you do?
In our market place its the banks I still think. They have a certain amount of time to respond to offers but they are also the ones that let you know when they get the offers. Fax cover pages and Fed Ex receipts do not seem to matter to the banks eather when trying to prove that they have recived offers and files.
While I hate more regulation on anything I do feel that something needs to be done to the banks making them more responsible to respond to offers and make "time of the essence" when working on files.
Thanks for responding and although I see your point what I also know is that once a SELLER in a Short Sale, signs the offer the property goes to back up status and the back up offers are kept to the side the bank DOES NOT need to know they exisit they need to deal with the offer on the table. They can counter or decline however it is the FIDUCIARY Duty which extends to ALL PARTIES Buyers included of the Agents to provide this to their respective parts and act accordingly. What we are seeing is Agents working for the banks and their interests which is horrible as they cut our commissions for hard work completed and these agents give them information that they in turn use on our clients who trust us. Only one offer should ever be presented to the bank and the bank should not be allowed the luxury of several offers.
Very true. My question is why is not NAR getting actively involved and going after these banks. As well as all the other Associations in the individual states.
If the bank only wants to accept offers from their clients then they should hold them as pocket listings. If they want to put them out there and have us Realtors (R) represent them then they should respect the rules of contract law.
It is unacceptable but what is the little man to do :)!
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