What do I do when the Listing Agent on a Short Sale wants me to rescind my offer?

No word from the bank.  No counter offer.  Offer accepted by the Seller January 2014.
  • June 05 2014 - Lake Houston
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Answers (6)

If the offer is for current market value in as is condition you do not resend the offer you escalate the offer. The questions you need to ask yourself and your lender is who owns the loan? Is it Fannie Mae? If so they have a direct website where you can escalate the file. Is it Bank of America they have an escalation manager/department. Is your file HAFA short sale? There are government regulations on the timing of this and there is escalation departments that make sure the servicers are doing what they're supposed to do. Who is negotiating your short sale? Is it someone that is closed at least 20 or more short sales? The problem may he that you're not working with someone that is educated about negotiating short sales properly.
  • June 06 2014
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The listing agent can't tell you to rescind an offer. You should have a Realtor to consult with though. Short sale deals are tough and a lot of games get played. Get yourself some help!
  • June 05 2014
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What does your realtor say?
Why do they want you to rescind?
Short sales are tough.
Has the bank done BPO?  Have they done appraisal?   Has homeowner sent in all their paperwork?
Has the property been posted for foreclosure?
This sounds like one where the bank will probably foreclose and not accept the shortsale.

Would any body pay you to rescind the offer?.....I'm thinking they may have a higher offer they think might work and want you to go away.    Did you ever do an inspection?   To go away I might want someone to pay me for my time and expenses....maybe your option money, inspection money, and dinner for your headache?
  • June 05 2014
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Well that is a def headache and extremely unprofessional. When I don't hear back I just call everyone at the bank over and over until I get an answer. Someone will cave as they don't want to look bad...
  • June 05 2014
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Why do they want you to rescind?
  • June 05 2014
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I am assuming you are an agent representing a buyer?  If so, it depends on what your buyer wants to do.  Are they willing to stick it out?
  • June 05 2014
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