I had a strange dealing with a short sale and am looking for some feedback from anyone who can assist.
I have a buyer interested in make a very good offer on a short sale property here in the area. I contacted the listing agent and he is telling me that he has a cash offer from his office and they have submitted that to the bank and are awaiting a reply and that my offer would be submitted to the seller in back up position and would not be submitted to the bank until they responded to his 1st cash offer.
I am understanding that all offers should be submitted to the bank so that they can accept or counter the highest and best. However, this realtor is using the technicality that the owner of record is still the seller in foreclosure and that although he has to present the offer to the owner of record, he has no legal obligation to present it to the bank.
He has informed me this is the way he does business and that unless I have an attorney advise him in writing on why it is not legal, then he will continue to do business that way and not present our offer to the bank.
I hate to assume, but it seems to me that his whole process is a little sketchy....
I have contacted our broker's attorney....but I'm wondering....has anyone else run in to this issue? Any suggestions?