Short Sale Dilemma..What can we do??

**hype-r-29** · 08-13-2010, 11:17 AM

This is a question to all you realtors. We have a good agent, but I am trying to get a better understanding of what I can do and expect.

Here is the situation:

Back Last year in Dec 2009, a Home we like came on the market. Home was being Sold at 599K and deemed a Short Sale by Chase. There are 2 banks involved as Chase has the bigger balance and the smaller bank has a balance of 28K as the owners pulled a HELOC in that amount.

There was a current offer on the home, for the asking price 599K, then the Sellers Agent for the home went back to Chase and they reaaprasied it again for 650K..This re-appraisal took about 3 months from Chase. This past May 2010 the 1st buyers offered on the home again after the appraisal and was accepted buy the Seller, then the seller had to resubmit to Chase again with the new offer...and basically wait...

The buyers Short Sale Addendum expired 6/14 as they were still not qualified for a loan at that point and there was no further movement. My offer was submitted on 6/23 right after the 1st offers addendum expired.. Which should put me in line for the 1st chance at this home???

Fast forward to a few weeks ago, come to know The Sellers Agent is still having the 1st buyers offer ontop even though my offer is higher and there addendum expired. The Sellers agent excuse: "Chase and the smaller bank are still deciding on the financial aspect on who gets paid and how much"...??

Now lets reverse back to 2 months ago...This selling agent knew we are after this home so he actually agreed to show us this home, at that point he didnt know we had a agent( a family friend)..He shows us the home and basically states " If your really interested in this home, lets go back to the office and draw up a contract and I'll make sure you offer is gone thru"...I say to myself, Great!..So I tell him, thats great..I will have my agent draw it up..

He basically pulls the plug "wait you have a agent?"...Well Ya, Hes out of town this week, but I can have his assistant draw it up..He basically goes instantly from being hyped up..to a "OHH" stand point..I got the point at that moment, but I still had the assistant draw up the contract that night and she presented it...

Now the kicker..After we submitted it...he DID NOT turn in our offer to the person in there office (Office Manager/ Broker) who is in charge of making sure this property is sold...I verified this buy calling her..

So in a nutshell:

-We really like this property, we offered more than anymore
-Agent did not present our offer to his Manager
-Home has been in Short Sale since Last Dec 2009

What can be actually going on here?

**Greg** · 08-14-2010, 06:43 AM

What you should have done was to explain to the listing agent that your agent was out of town before they showed you the property.

What can you do now? Not much. You can only conjecture that the agent is not presenting your offer, you have no proof.

What should you expect? With a second mortgage of 28K on the property there odds are it will end up in foreclosure where you can buy the property at a real discount.

When dealing with foreclosures you should always keep looking for a house. Short sales have as much chance of closing as they do of going to foreclosure.

**TeamAguilar** · 09-12-2010, 12:13 AM

Originally Posted by Greg

What you should have done was to explain to the listing agent that your agent was out of town before they showed you the property.

What can you do now? Not much. You can only conjecture that the agent is not presenting your offer, you have no proof.

What should you expect? With a second mortgage of 28K on the property there odds are it will end up in foreclosure where you can buy the property at a real discount.

When dealing with foreclosures you should always keep looking for a house. Short sales have as much chance of closing as they do of going to foreclosure.

well Greg covered all the points it seems,i think your agent screwed you big time,this emphasis that buyer should get in contact with sellers at least casually to avoid such cases.Still you have a chance if you present the offer now right?any problem with that?