What is an Accepted Offer on a Short Sale

иконописПравославни икониCentral Oregon Short sales are confusing to almost every party involved.  Many times a listing agent without the proper experience or without the proper guidance does not realize who they are truly working for.  Often they will actually act on behalf of the bank instead of the seller.

A listing agent represents the Seller and only the seller.  Once a seller accepts an offer of a short sale the offer is submitted to the bank along with additional or updated financials from the seller, an estimated HUD statement and then the process begins.

Once the seller has accepted an offer and it is submitted to the lender or lenders the property is now Contingent Short sale in the Central Oregon MLS, or should be.  In theory the seller has agreed to sell the home, for the terms and conditions set in your offer.

Not All Agents Are Created Equal

Notice I say in theory, you see not all listing agents are equal when it comes to accepting offers, submitting offers or even understanding the process.  If you are willing to look at a short sale as your potential new home or investment home  then you need to understand that not all agents process a short sale the same.

Knowing what the listing agent is going to do, if they are going to change the MLS status, if they are going to work through one offer before submitting others to the bank and so on are very important facts that you as a buyer should know so you know what to expect on the process of your transaction.

If in doubt it may not hurt to have your agent (and you should have your own agent on any real estate transaction but on a short sale especially) to write these terms into your offer.

It is my personal opinion and those of many of the instructors of the classes I have attended that once a seller accepts an offer – any additional offers go into a back up position.  After all a seller can only sell a home once – be careful out there not everyone is qualified to help you through a short sale.