Short sale/sellers agent sitting on bid

My Husband and I just put in a bid for a short sale. Originally the house was listed at 45000. a week ago they dropped the price to 35000. Our bid is for 37000 put in on Saturday. It has minimal POS violations. Now we found out this house is not a foreclosure so i am confused as to why it is being sold as a short sale. The owner died 6 months ago and the sister is POA seller. However it is being presented to us as a short sale being owned by bank of America. Our Agent turned in our bid to the sellers agent saturday, Now it is Tuesday and we found out the sellers agent hasn't opened our packet with the offer because she is now getting more viewings. She is holding out to get more bids for the house. How long can she hold onto the bid without responding? Does this sound like red flags to anyone else? why is it a short sale if it wasn't a foreclosure? Is there anything we can do to heighten our chances? It already took lots of homework to find a lender for that small of a mortgage. Can we put in a higher bid with them not even seeing the original bid? is that smart in the first place? I feel like the seller's agent is not playing fair with our emotions or our future for a home.

Answer:

Unfortunately for you, it appears as though the agent is closely tied to the sale and is therefore adjusting the listing and price as she's figuring out what she wants to do. Generally if an agent is selling for someone, they aren't as willing to adjust it since there are costs, but when it's for themselves, they will sometimes do less expected things.

I suspect that the reason she hasn't accepted your offer (or potentially even looked at it) is that she may not herself know yet how or for how much she wants to sell it.

The sad truth is that there's probably very little you can do. It's much the same way as if you were trying to sell a property and decided to adjust the listing as you went along. It wouldn't be fun for the people who had intentions on buying it, but it's really your choice in the end. Therefore what I would do is recommend contacting the agent directly and seeing what she wants. You may be able to get a better understanding of what is going instead of just speculating. Plus who knows, you may be able to start a deal right there on the phone!

Again, remember that if it was you listing the property, you could potentially change the listing based on other things in your life not related at all to the listing, such as another death in the family, changes in who inherits the property, etc. And this may in turn cause some anguish to those set on buying your property as the listing changes. But ultimately the decision on how to sell the property goes with the seller.


Views: 1944        Posted on: Apr 10 2012        Tags: Real Estate Agent, Short Sale, Seller, Buyer