Received fully signed offer with NO terms or conditions - Empty Offer
You're probably asking what the heck is an empty offer? Before today I'd be wondering what does one mean by EMPTY OFFER. Huh? That doesn't make any sense, does it? Yesterday I received 3 offers on a new short sale listing. Two were low balls and not going to work for the seller. I was hopeful that the third offer would be workable.
The first few documents of the attached offer looked fine. Agent had attached the correct forms (which doesn't happen often) and the buyer had signed them properly. But when I opened the purchase contract it was a totally EMPTY OFFER. The buyer had initialed and signed the purchase offer in all the right places but there were absolutely no terms or conditions. None.
My first thought was, now I've seen it all. How an agent could send an empty offer is beyond my comprehension. What did he want us to do, fill it in ourselves? Or maybe they thought it best for the seller decide the terms and conditions? OK - sure I guess that means we'll raise the price by $100K and it will no longer be a short sale.
That was easiest Phoenix short sale ever! Just Kidding!
I emailed the agent right away and let him know that he just sent me a signed but EMPTY OFFER and asked him to submit a corrected offer. 24+ hours later I still haven't heard back from the agent. Needless to say we're not waiting around to see if he ever responds. We've received three more offers and one offer is a keeper.
Here's what I think happened: Investor signs the contract and says to his trusted agent, "now go out and find as many properties as you can, fill in the terms and conditions and submit offers and we'll see what sticks". Most of these type of offers are low ball offers and wouldn't fly with a properly priced short sale on the market only 2 days. Maybe if it was 30 to 60 days out we'd give it a try. But rarely does this type of property last long on the market in Phoenix with our current market conditions. There is no point in the seller accepting an offer that most likely the lenders will NOT consider. It's a waste of everybody's time and quite frankly could put the seller in a worse situation over time.
So there you have it, now you know what an empty offer means!
Received fully signed offer with NO terms or conditions - Empty Offer

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