That's called having the cake and eating it too...

Real Estate Agent with RE/MAX Affiliates


Woke up yesterday morning to a email with an offer on one of my short sale listings.  Good way to start a Sunday.  Price was very workable, the buyer was pre-approved with 20% down, closing and inspection terms were short sale friendly...looking good so far.  Then I get to the "additional terms/conditions" section where you can write in additional items to include.  The agent wrote: "Buyer reserves the right to cancel or rescind this offer at any time and for any reason prior to short sale acceptance"....HUH?!?!?  You really think my seller will go for that?  Would you?  

The offer might as well have been verbal.  When we (the other agent and I) spoke later on that morning, he kept right in line with the same sentiment and even mentioned that he was the one that brought up the idea to his client.  Really?  So, you want to be able to "keep shopping" and not "miss any other opportunities" while the file is being negotiated.  What's in it for my client?  After we have a signed contract, the deal is marked Pending in the MLS and we can't keep shopping for buyers.  Why would I do that to my client?  AND, the earnest money was not to be submitted until short sale approval....  

So, let me get this straight.  Your client can keep looking for houses and if something better comes up, you're just going to jump ship and not care where we are in the negotiations?  I told him that if the Earnest Money was submitted with the execution of the contract, we would consider it.  "But, Nick, then if we back out, your seller gets to keep it."  UUmmmmm, yeah.  That's how that works.  It's called a fair deal.  I'm going to bust my hump trying to make your client the purchaser of this home.  I need them to exact a little patience and commit to us and this property.  


Outcome TBD....


Anybody else seeing this?  What would you do?


Posted by


Nick Dailey (CDPE) - Short Sale & Investment Specialist - Northern Kentucky & Greater Cincinnati

Helping families in Northern Kentucky avoid foreclosure.  Northern Kentucky MLS listings of homes for sale.  


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Carla Harbert - Avon, OH
RE/MAX Omega: Lorain-Medina County Area

Oh my gosh, doesn't that agent understand how much work it takes to get the short sale accepted and to the closing table? These short sale transactions are usually great deals for any buyer - well worth the wait. If not willing to wait, go buy something else and don't waste others time! Good grief...

Mar 08, 2011 01:26 AM #1
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Nick Dailey

RE/MAX: Northern Kentucky Real Estate - NKY MLS - Short Sale
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