Here at Ashby Realty, we don't do business this way. Every offer submitted by a client and accepted by a seller, short sale or not, has to be signed off by my broker within 5 days of acceptance. A short sale contract is no different than a contract on a traditional sale, except that the contract is contingent upon the approval from the short sale lender. Having 5 accepted offers hanging out there is unethical and a violation of AZ real estate law. Short Sellers are starting to sue buyers who bail on their homes and then the home is foreclosed on, and rightfully so. That home was kept off the market because they thought they had a ready, willing, and able buyer. Once a buyer has more than one offer accepted by a seller, they need to choose and be under contract on one home if they only plan to close escrow on one home. It's simply the right thing to do.
Via Chris Alston (Keller Williams Realty, Cupertino California):
I think we all have been in this situation... But not all of us have reacted in the same way...
So what do you do? What can you do? What would you do?
The buyer says that they are tired of loosing out on properties, so they want to write a bunch at the same time... OR the buyer says they are tired of how long short sales are taking, and they want the property that will close the quickest...
There are agents that write several offers at the same time over and over... They call is spraying and praying... There are some agents that have 5 accepted offers on 5 different short sale properties waiting for ONE to be approved and eventually cancel the others. This is what led to short sale listing agents to start asking for deposits before lender approval...
It is my humble opinion, that if your buyer can afford only one property at that specific time, then you should only write one offer. IF you were to get two accepted simultaneously, you would have to cancel one, making a listing agent and seller a bit frustrated with you. And if it is a short sale situation and you are in contract with several properties at the same time, playing the waiting game... When you eventually cancel the contracts you don't want when one of the short sales are ready to close, you end up with a bad name, a mad listing agent and a seller that feels let down. OR what about the seller that took your offer in good faith, and you were just leading them on?
This is a small industry, and if you start bending the rules a bit, you can get agents unwilling to want to work with you in the future.
What would you do if a buyer wanted to write more then one offer, and they financially are not able to do it... Would you do it? More importantly, what would you say to the buyer? Please share! Is it an issue of integrity, or it is a necessity?
ASHBY REALTY GROUP, LLC
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Stop Foreclosure- Learn Your Options. Maybe a short sale is your best option.
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*Seek competent legal counsel and tax advice for any real estate transaction. Jessica Sulliman and Ashby Realty Group are not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.*
About the Author...
This article was provided by Jessica Sulliman, a Nationally recognized Realtor and Certified Short Sale & REO Specialist. Jessica can be reached via e-mail at firstname.lastname@example.org or by cell phone or text message at 602-677-7977. Jessica has helped hundreds of people buy and sell their home. For Arizona real estate and homes see www.theshortsalediva.com or www.jessicasshortsales.com. For more info regarding short selling your home, please visit www.shortsalemyphoenixhome.com.
Ashby Realty Group handles Arizona real estate sales, Arizona short sales, Arizona strategic short sales, Arizona pre-foreclosure sales, and Arizona foreclosures in the entire metro Phoenix
area. We specialize in the East Valley: Queen Creek
, Paradise Valley
, Apache Junction
, Gold Canyon
, San Tan Valley
at Merrill Ranch resort community in Florence
AZ. Serving all of Maricopa
and Pinal counties Arizona. Arizona Short Sale Realtor. Short Sale Arizona
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