I am hearing some confusion regarding the signatures on short sales. Either the listing agents are selling them multiple times and are submitting multiple signed contracts to the bank or not having the sellers sign at all and 
submitting to lender. .
Here’s the deal. The bank DOES NOT own the property they have nothing to sign, the seller can only sell the property ONCE, so seller should only sign the offer offering the best price and terms when receiving multiple offers. Others don’t have the seller sign at all, which means there is no contract period, and buyer is free to move on.
Multiple offers on short sales are handled the same as if it were normal transaction. Have you forgotten 2-3 years ago when every property had at least 3-6 offers. Well same procedure negotiates the best price and terms as the listing agent, get the best signed and submit to lender. Use the FAR short sale addendum and as listing agent negotiate the longest possible period in section 1.
Look at it this way when you are working with a buyer they sign a purchase agreement and if acceptable to seller they sign, now you have a contract even though it is still subject to third party approval, guess who, the bank, the financing contingency, you don’t go out and sell two
other homes to the same buyer and wait to see which one the lender approves first, do you?
It ain’t that complicated just a little thought required.
submitting to lender. .Here’s the deal. The bank DOES NOT own the property they have nothing to sign, the seller can only sell the property ONCE, so seller should only sign the offer offering the best price and terms when receiving multiple offers. Others don’t have the seller sign at all, which means there is no contract period, and buyer is free to move on.
Multiple offers on short sales are handled the same as if it were normal transaction. Have you forgotten 2-3 years ago when every property had at least 3-6 offers. Well same procedure negotiates the best price and terms as the listing agent, get the best signed and submit to lender. Use the FAR short sale addendum and as listing agent negotiate the longest possible period in section 1.
Look at it this way when you are working with a buyer they sign a purchase agreement and if acceptable to seller they sign, now you have a contract even though it is still subject to third party approval, guess who, the bank, the financing contingency, you don’t go out and sell two
other homes to the same buyer and wait to see which one the lender approves first, do you?It ain’t that complicated just a little thought required.
No comments:
Post a Comment