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Answers (3)
- Harold Sharpe, "So Cal Homes Realty"
- Contributions:143
HI AniJar,
Not at all,
The listing agent represent the seller and is required to submit all offers to the seller and be directed by the seller on how to proceed.
Not at all,
The listing agent represent the seller and is required to submit all offers to the seller and be directed by the seller on how to proceed.
- Sean Ogilvie, "California Mortgage"
- Contributions:173
@ Sid
Good answer. A friendly reminder that as per Zillows no spam policy you should leave off your contact information at the bottom of your posts. If a poster would like to contact you they are able to do so through your Zillow profile. Otherwise you are likely to be flagged.
- Sid Kirkland, Realtor, "La Quinta Realtor"
- Contributions:277
No. The Bank is not the Seller, they are a lienholder on the property. The only reason they are involved in the sale is because the Seller needs their approval as the Seller is unable to pay off the deficiency on the note based upon the market value of the home.
Agents are required though to submit all offers to the Seller even if they are currently in Ecrow, unless the Seller has instructed the agent otherwise. So if the Seller instructs the agent to only advise them of offers over a certain amount, then the agent has the ability not to share certain offers that don't meet the Seller's criteria.
Another problem regarding offers is that the Seller can only technically accept one offer at a time. If they sign an offer based upon a mutual agreement with the buyer, they can't be accepting other offers unless they specifically advise Buyers that they are back up offers.
There is a Short Sale Advisory form in California which stipulates that the Seller can continue to market the home and submit other offers. If this has been signed by all parties to an existing contract, then the seller can submit additional offers to the bank as the Addendum stipulates that other offers can be consider and submitted.
I hope this helps? Let me know if you have additional questions?
Best regards,
Sid Kirkland
California Lifestyle Realty
[Contact info deleted by moderator]
Agents are required though to submit all offers to the Seller even if they are currently in Ecrow, unless the Seller has instructed the agent otherwise. So if the Seller instructs the agent to only advise them of offers over a certain amount, then the agent has the ability not to share certain offers that don't meet the Seller's criteria.
Another problem regarding offers is that the Seller can only technically accept one offer at a time. If they sign an offer based upon a mutual agreement with the buyer, they can't be accepting other offers unless they specifically advise Buyers that they are back up offers.
There is a Short Sale Advisory form in California which stipulates that the Seller can continue to market the home and submit other offers. If this has been signed by all parties to an existing contract, then the seller can submit additional offers to the bank as the Addendum stipulates that other offers can be consider and submitted.
I hope this helps? Let me know if you have additional questions?
Best regards,
Sid Kirkland
California Lifestyle Realty
[Contact info deleted by moderator]
Is the listing agent of a bank-approved short sale requred to submit all offers to the bank
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