Just today I put an offer in on a short sale for one of my buyers and the listing agent informed me that there were multiple offers and wanted my buyer to submit his best and highest. This struck me as unsual because 1. the bank had not approved the list price as sufficent and 2. why would you turn away a cash offer when the majority of short sales that close will not be with the first offer, but the 3 or 4th offer submitted. What happened to presenting all offers to the bank?
Nevertheless, my buyer decided to offer full list price. Then another strange thing happened. The listing agent leaves me a message saying that the other buyer offered more than my buyers best and highest and we needed to come up more. Wow! Obviously this agent missed last years CE class when fishing offers became a clear violation of ethics and RE law.
I am not sure if my buyer will pursue this property because the listing agent has displayed poor moral character and clearly lacks proficency in managing a short sale transaction. I marvel at agents who call themselves short sale specialist and don't hold the CDPE or SFR designations. Specialist are educated and trained.
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