Well when I asked the question "Is it OK to let a buyer make offers on multiple short sales at the same time" there were answers on both sides.
There were "NO" opinions that stated if a buyer is making multiple offers and tying up properties it is not fair to the seller who could possibly have to start over and maybe even lose their home to foreclosure as a result of this.
And "Yes" answer stating that it was probably fair to do given the nature of short sales and how long they can take, but to cancel other offers as son as one is accepted.
A couple other points to consider are that ...
A. Sometimes a seller actually needs an offer to postpone their sale date and may be happy that there is an offer of any kind.
and
B. With a fiduciary responsibility to the welfare of our buyer, as long as it is not truly "unethical", are we more or less required to assist them in making multiple offers?
I really did like the comment of making buyers deposit earnest money with escrow rather than just a promissory note on short sales to make sure they are committed.
Thanks for the input and still curious on more opinions....
Make it a Great Day!
Joe Yates
The Atlas Group
Medford Oregon Real Estate
www.TAGBrokers.com
www.MedfordOregonAgent.com
Distressed Property Specialists- REO / Foreclosure, Short Sales
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