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Conflicting Home Status -- Help!

As always, thank you so much for all of your advice! I have another question...

My sister has been waiting to hear back on a home she put an offer on. When she was looking for an update online, she noticed the home (which had been listed as not for sale due to the amount of offers) had been listed back on the market. She contacted the listing agent and was told this was a mistake he made, but that the seller was still reviewing offers (it's a short sale). This week (a week since that incident) the listing agent told her the seller went with a different offer, gave no specifics, but told my sister they would keep her offer as a backup. Out of curiosity, I looked to see if I could find any updates and noticed the home is listed as "For Sale" on both this site and another. 

She really wants to know whether the seller has gone with another offer (and hopefully what it was) just so she has peace of mind knowing that she made the absolute best offer she had. With these conflicting statuses on the home, how can she know what the actual status is? Mind you, she was told the seller had gone with a stronger offer on the same day these sites show the status change to "For Sale". Help??
  • June 28 2012 - US
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Answers (8)

CDPE (which is a certification I have) is one of many groups that help Real Estate professionals become better and more competent at working with all types of distressed properties. So yes a CDPE (or other Short Sale certified training) is something to look at when looking for an agent to represent YOU the BUYER in a transaction. However, having been through this training the emphasis of the training is on how to list property and how to negotiate with lenders through the short sale process. So one of the things i always look for when representing buyers is the qualifications of the listing agent of the property they want to buy. Also the practices (Thank you Jamie) like submitting multiple offers. Some MLS boards (like ours here in Oregon) have tightened rules on this so that you have to be up front about your plans as a  listing agent. Again, this is something your buyers agent should be watching for and dealing with so you don't have to.

Best of luck.
  • June 28 2012
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To deal with short sale property you need to work with CDPE (certified distressed property expert) or SFR (Short Sale & Foreclosure Resource) Real Estate Agent. If you and your sister need purchase Short Sale property you can send me your email and your name I will have my agent in your area to help you.

  • June 28 2012
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@ Jamie & Malcolm,

Can a Buyers Agent be CDPE and how would one go about finding this out?
  • June 28 2012
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Unfortunately many real estate agents try to present multiple buyer offers to the lender, and this actually makes the lender LESS LIKELY to accept any of the offers.  If you want to purchase a property being sold as a short sale, I suggest only working with an agent who is specifically trained in how to do short sales.  An agent who is a CDPE (certified distressed property expert) is much more likely to get your offer accepted by the lender! http://www.cdpe.com/what-is-a-cdpe
  • June 28 2012
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As said before... Short Sales can be frustrating for everyone.  But some advice to help your sister. First find a Buyers Agent to represent her interest. Interview several, find one that sounds competent, knowledgeable, listens to your concerns, and is confident in their ability. After all you are going to rely on this person to represent you in the most important negotiation of your financial life.  Then hire the one you feel best about.  Make sure you sign an contract with them. In my state we call this an "Exclusive Buyer Service Agreement".  They now work for you and will be compelled to keep you updated and informed on your offer.  The listing agent doesn't have to disclose the amount of any other offer presented, and in fact owes that confidential information to the seller, who they exclusively work for and represent. So your buyers agent may not know the amount of other offers but will project your interest and may be able to "get you in" the running.  I've sold several short sales because we got the seller/listing agent to accept our clients offer as a backup offer. The first buyer backed out and we moved to first position and ultimately closed on the deal. 

You don't pay more for a buyers agent, you just get more!!!
  • June 28 2012
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Short sales aren't fun to deal with.

It sounds like she's received the information she's going to receive, and it is time to move on.

I'm not sure I'd have patience to play some of the games that happen with short sales!
  • June 28 2012
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@Wetdawgs

He has been very, VERY dodgy(?) to both her and her realtor. Is there a difference between a realtor and a buyer's agent? What she asked her realtor to do during the two week period the listing agent said it would take for the seller to review offers was to keep her offer alive and to try to not constantly contact (and annoy) the listing agent, but to ask for updates once or twice a week. The only responses she ever received were: "Seller will review offers in two weeks". After the two week period "Seller will review offers by end of week." (third week). On the 24th (end of said week) the status was updated on sites and my sister was told "Seller went with different offer." 

The fact that he's an agent in Orange County working with a San Diego County home made it even harder to get any information on the status of the offer or the home.
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The best source for updates on status of the property is the listing agent.   Does your sister have a buyer's agent working for her who can check in with the listing agent?

Some agents leave a house status on various internet sites as "for sale' until the property has closed, so those notes don't override what the agent says in person.

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