Zillow Advice: Buying Process - We have a contract on a house that is a short sale. We put in the contract that the realtor cannot http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ Zillow Advice | Zillow Real Estate In order to file a complaint, ... http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ In order to file a complaint, you need proof that the SELLERS &nbsp;agent (&nbsp;you apparantly do not have your own agent)&nbsp;<em>really did take a backup contract</em>.&nbsp;&nbsp;There are hundreds of complaints filed&nbsp;monthly against realtors that do a lot worse, so your case will more than likely not get&nbsp;a lot of attention.&nbsp; That is the reality and I wish it were not so.<br/><br/>Regardless, you have to make a decision whether or not you want to buy the property and have the extra&nbsp;money for closing costs.&nbsp; Ask youself ...."Is the property still worth it?"&nbsp; More than likely it is.<br/><br/>Eve in Orlando<br/> Tue, 27 Nov 2012 16:42:00 GMT http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ 2012-11-27T16:42:00Z Can you skip Pizza night? ... http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ <strong><u>Can you skip Pizza night?</u></strong> Huh? the difference between your counter offer and the bank's counter off is $5,000. At today's interest rates, that is $20 a month. Sounds like a good deal, sight unseen, to me.&nbsp; If I were your agent, I suggest getting the house and getting the deal done.&nbsp; The good news here is you have a good agent representing your best interests. As for whether the listing agent is playing fair, remember, her client is likely freaking out about not selling prior to December 31st, 2012. That "Fiscal Cliff" stuff in the news since the election? One of the items regards short sale owners facing taxes on the debt that is not paid off in a short sale - that is probably tens of thousands of dollars.&nbsp; I wrote a general blog here on short sales:&nbsp; <em>[deleted by Zillow moderator. Please see our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>]</em>&nbsp; I hope you get the house.&nbsp; Good luck. Mon, 26 Nov 2012 21:28:00 GMT http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ 2012-11-26T21:28:00Z Unfortunately, if the bank ... http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ <p>Unfortunately, if the bank won't accept your offer,the next&nbsp;indicated&nbsp;step for the agent listing the property would be to look at any back up offers that came in(that perhaps were not submitted until the bank rejected your offer),that came in. Although I don't know what your agreement said verbatim,&nbsp; once the bank says no, and you decide you do not want to come up to the&nbsp;price they are asking,&nbsp;the only other alternative would be to submit other offers. Hopefully the agent who submitted your offer stuck to their original agreement, and it wasn't until the bank countered that they submitted other offers.&nbsp;I don't know if they can legally accept that&nbsp;kind of&nbsp;agreement in the first place....a grey area perhaps....<br/>&nbsp;&nbsp;&nbsp;</p> Thu, 15 Nov 2012 01:07:00 GMT http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ 2012-11-15T01:07:00Z It sounds unfair but a counter ... http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ It sounds unfair but a counter offer is basically opening the agreement up to renegotiating. The listing agent has an obligation to the seller first. An as such he/she must do what's in the best interest of the seller. In this case the bank countered and you decided to counter them back. The listing agent has an obligation to reach out to any other interested parties. I suggest going with the counter or moving on. Thu, 15 Nov 2012 01:00:00 GMT http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ 2012-11-15T01:00:00Z A verbal offer received is ... http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ A verbal offer received is not technically accepting a back up offer. You can report this to FREC if you feel necessary but sounds to me like the agent was just keeping track of leads for the seller's as they should. My advise would be to either accept the banks counter offer or move on to another property. Good luck to you. Hope everything works out for you. Thu, 15 Nov 2012 00:50:00 GMT http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ 2012-11-15T00:50:00Z if your offer was accepted ... http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ if your offer was accepted by the sellers and submitted for their banks approval to allow the sale for less than owed, you have the right to reject the banks counter and move on... (during the review period the bank will have completed an appraisal of the property to determine its current value)<br/><br/>or, you have the right to accept the banks counter and close<br/><br/>if you chose to reject the banks counter of your offer for less than owed, the buyer has no right to restrict another buyer to present an offer at the bank approved price that will create a successful completion of the short sale Wed, 14 Nov 2012 22:53:00 GMT http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ 2012-11-14T22:53:00Z It sounds like there are ... http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ It sounds like there are at least two concerns: <br/><br/>Hearing a verbal offer or even receiving a written back up offer is quite different from "accepting" an offer.&nbsp; In a short sales situation, the agent would be foolish not to remember that there are other interested parties as many short sales don't come to closure.&nbsp;&nbsp;&nbsp; Did you pay extra to the agent to ensure no back up offers? <br/><br/>It sounds like you and the bank are in disagreement about price, so you don't yet have a contract as it is still in the volleys of counters.&nbsp;&nbsp; You've heard what their bottom line is, so now it is time to make a decision on whether you can accept that or not. <br/><br/>A request for closing costs is often rejected out right in short sales and foreclosures (as well as traditional sales when a sellers market).&nbsp;&nbsp;&nbsp; Closing costs impact the bottom line, therefore, the offer is equivalent to a lower offer without closing costs.<br/><br/> Wed, 14 Nov 2012 22:33:00 GMT http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ 2012-11-14T22:33:00Z To me, hearing the story ... http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ To me, hearing the story it doesn't look like you ever had an accepted executed contract since counters were still going back and forth. In that case the backup offer detail wouldn't be a factor because your contract was never officially accepted. However if you feel as though you were cheated in some way, contact someone such as a lawyer who can give you legal advice about your circumstance and situation. Also, short sales are such a headache...good luck! Wed, 14 Nov 2012 22:13:00 GMT http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ 2012-11-14T22:13:00Z First of all a verbal is ... http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ First of all a verbal is meaningless. Welcome to the wonderful world of short sales and the max frustration available in property sales these days. if you want a:<br/>Fast<br/>Easy<br/>For Sure<br/>Predictable<br/>Courteous<br/>Effortless<br/><br/>Transaction then by all means avoid short sales!!!!!!!!! They are not fun, quick or easy. You might have a contract with a seller, BUT the bank has the final say yes or no and it is written in as a contingency for the sale. Bottom line is If the Bank Ain't Happy the Deal will Die. Get use to it. BTW, banks do not like paying closing costs and will fight that all the way. Your agent should be telling you all this. Trying to box in a bank on a short sale is not easy and likely won't happen. <br/><br/>Tim<br/> Wed, 14 Nov 2012 15:27:00 GMT http://www.zillow.com/advice-thread/We-have-a-contract-on-a-house-that-is-a-short-sale-We-put-in-the-contract-that-the-realtor-cannot/468468/ 2012-11-14T15:27:00Z