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Got my answer -- thanks!!!
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Got my answer -- thanks!!!
Message edited 6/24/2014 3:44:02 PM.
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Posted 6/23/14 7:42 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Maybe-baby
LIF Adolescent
Member since 12/07 774 total posts
Name:
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Question for christine or beth...
Wow! I am no realtor, but if the facts are correct, then this sounds sooo unethical. I really hope your sis did not sign a buyer's agreement with this shady realtor. She should shop for a new agent asap.
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| Posted 6/24/14 10:24 AM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Question for christine or beth...
What does a buyer agreement state? The realtor didnt give her copies!!!
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| Posted 6/24/14 10:29 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Question for christine or beth...
Your sister can request an offer acknowledgement form which will confirm that the offer was presented.
You'll also want to ask your sister if she signed a buyer agents agreement with this agent, to confirm the agent is working with your sisters best interests in mind as opposed to the seller. Based on what you've said sounds like it may be time to find a new agent to work with, which if she signed agreement would need to be addressed before moving on...
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| Posted 6/24/14 10:29 AM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Re: Question for christine or beth...
Posted by JandJ1224
Your sister can request an offer acknowledgement form which will confirm that the offer was presented.
You'll also want to ask your sister if she signed a buyer agents agreement with this agent, to confirm the agent is working with your sisters best interests in mind as opposed to the seller. Based on what you've said sounds like it may be time to find a new agent to work with, which if she signed agreement would need to be addressed before moving on...
Thank you
What does a buyers agents agreement mean -- if you sign it, are you legally bound to this agent?
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| Posted 6/24/14 10:36 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Question for christine or beth...
Posted by b2b777
Posted by JandJ1224
Your sister can request an offer acknowledgement form which will confirm that the offer was presented.
You'll also want to ask your sister if she signed a buyer agents agreement with this agent, to confirm the agent is working with your sisters best interests in mind as opposed to the seller. Based on what you've said sounds like it may be time to find a new agent to work with, which if she signed agreement would need to be addressed before moving on...
Thank you
What does a buyers agents agreement mean -- if you sign it, are you legally bound to this agent?
All contracts are different, so there's no way for us to know what your sister agreed to. But if she signed a contract, she's bound to it unless both parties mutually want to break it. She needs a copy of whatever she signed.
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| Posted 6/24/14 10:56 AM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Re: Question for christine or beth...
Posted by NYCGirl80
Posted by b2b777
Posted by JandJ1224
Your sister can request an offer acknowledgement form which will confirm that the offer was presented.
You'll also want to ask your sister if she signed a buyer agents agreement with this agent, to confirm the agent is working with your sisters best interests in mind as opposed to the seller. Based on what you've said sounds like it may be time to find a new agent to work with, which if she signed agreement would need to be addressed before moving on...
Thank you
What does a buyers agents agreement mean -- if you sign it, are you legally bound to this agent?
All contracts are different, so there's no way for us to know what your sister agreed to. But if she signed a contract, she's bound to it unless both parties mutually want to break it. She needs a copy of whatever she signed.
Thank you !
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| Posted 6/24/14 11:02 AM |
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OrganicMama
So in love with my little man!
Member since 6/08 5172 total posts
Name:
Mama
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Re: Question for christine or beth...
If she in fact did not submit the offer and lied to your sister, I would go straight above her head to the manager of the office and ask to be released from the buyer's agreement, if she can't get out any other way.
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| Posted 6/24/14 12:47 PM |
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Re: Question for christine or beth...
Sorry for chiming in late -
But yes, I agree that it's important to understand whether your sister's agent is working as a buyer's agent (in the buyer's interest) or a broker's agent (in the seller's interests). This would be disclosed on the NY State Agency Disclosure Form, which every agent is required to present to anyone they have substantive dealings with and have them sign.
Second - it's important to know whether your sister signed a contract binding her to use solely the agent she is working with for a set period of time. Just because she signed something, doesn't mean it's a contract. As stated above, EVERY buyer working with an agent should be asked to sign the NYS Agency Disclosure form, and if that's what she signed, it's NOT a binding contract, just a consumer protection disclosure. If she did sign a contract, then obviously the terms of the contract govern her options. If she signed a long-term contract, she can always ask the agent to release her (and if the agent refuses, or can't release her without her broker's consent, take it to her broker or manager).
As far as the offer situation - I have short sale listings, and if an offer has been submitted to the bank, the status of the listing should be changed to "PBA" (pending bank approval) and your sister's agent would be able to see that. But sometimes listing agents don't change status right away. A listing agent is basically required to present offers to the bank, whether they are good offers or not, so maybe she sent in an offer she thinks is weak and is soliciting back up offers in case the first deal falls through. So that could explain the open house and why the listing agent said that she is still accepting offers.
As Jannette said, your sister can ask for her agent to get a signed offer acknowledgment form from the listing agent, signed by the seller, to show that her offer was actually presented to/received by the seller. ETA - But banks really only want to deal with one offer at a time, so if there is in fact a first offer that went into the bank, it would be common for all other offers to be held in a file as back up until the bank responds in some way to offer #1. You are supposed to submit all offers to the bank, but the banks don't want multiple offers sent in. They want one contract at a time to review. So the bank wouldn't immediately approve the offer --- if an offer is made on a short sale, the seller and buyer go to contract, the contract gets submitted to the bank (along with a lot of other required documentation from the seller), and then the bank eventually responds.
Short sales are complicated, and there are so many different scenarios of what could be happening. Just in general, before your sister pursues a short sale, she should find out (through her agent) how many banks are involved (hold mortgages), who the banks are, who is negotiating with the bank, whether there are known title issues or C/O issues, whether the bank has any involvement up to this point (input on list price, for example), is the seller cooperating, etc.
Is your sister's agent experienced with short sales? If not, it can be difficult. I just closed one last week on one of my own listings, and it was a LONG, frustrating road. I usually recommend that my buyers avoid them unless they are FULLY prepared to deal with all scenarios... waiting a long time to get a response from the bank, getting a much higher counter from the bank (sometimes significantly higher than the list price on the house), having to pay for house repairs, C/Os, title issues (judgments against house, etc.) out of their own pocket to get the deal done, etc. Most buyers who are looking for a primary residence don't want to take on that type of purchase, and in this market, they don't need to.
But regardless of whether a short sale is the way to go, I think your sister needs to have a conversation with her agent and get some information about whether the agent is representing her, whether she is bound to this agent, and honestly discuss how the offer was handled and how it differed from her expectations. Communication and trust is key between an agent and a buyer, and if that doesn't exist, then it's probably not the right agent.
But based on what you are saying, I wouldn't assume your sister's agent is doing anything "shady." She may just be out of her depth with short sales or being jerked around by the listing agent or a poor communicator... but really, what would she have to gain by not presenting your sister's offer? The agent doesn't get paid unless she closes a sale!
Let me know if you have other questions or if I can help further!
Message edited 6/24/2014 2:40:23 PM.
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| Posted 6/24/14 2:36 PM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Question for christine or beth...
If I remember correctly, we signed contracts on our short sale right away. Not in 12 hours but within a day or two. We didn't get the bank approval or close for another 3 months.
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| Posted 6/24/14 2:55 PM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Re: Question for christine or beth...
Posted by Century 21 Dallow - Christine Braun
Sorry for chiming in late -
But yes, I agree that it's important to understand whether your sister's agent is working as a buyer's agent (in the buyer's interest) or a broker's agent (in the seller's interests). This would be disclosed on the NY State Agency Disclosure Form, which every agent is required to present to anyone they have substantive dealings with and have them sign.
Second - it's important to know whether your sister signed a contract binding her to use solely the agent she is working with for a set period of time. Just because she signed something, doesn't mean it's a contract. As stated above, EVERY buyer working with an agent should be asked to sign the NYS Agency Disclosure form, and if that's what she signed, it's NOT a binding contract, just a consumer protection disclosure. If she did sign a contract, then obviously the terms of the contract govern her options. If she signed a long-term contract, she can always ask the agent to release her (and if the agent refuses, or can't release her without her broker's consent, take it to her broker or manager).
As far as the offer situation - I have short sale listings, and if an offer has been submitted to the bank, the status of the listing should be changed to "PBA" (pending bank approval) and your sister's agent would be able to see that. But sometimes listing agents don't change status right away. A listing agent is basically required to present offers to the bank, whether they are good offers or not, so maybe she sent in an offer she thinks is weak and is soliciting back up offers in case the first deal falls through. So that could explain the open house and why the listing agent said that she is still accepting offers.
As Jannette said, your sister can ask for her agent to get a signed offer acknowledgment form from the listing agent, signed by the seller, to show that her offer was actually presented to/received by the seller. ETA - But banks really only want to deal with one offer at a time, so if there is in fact a first offer that went into the bank, it would be common for all other offers to be held in a file as back up until the bank responds in some way to offer #1. You are supposed to submit all offers to the bank, but the banks don't want multiple offers sent in. They want one contract at a time to review. So the bank wouldn't immediately approve the offer --- if an offer is made on a short sale, the seller and buyer go to contract, the contract gets submitted to the bank (along with a lot of other required documentation from the seller), and then the bank eventually responds.
Short sales are complicated, and there are so many different scenarios of what could be happening. Just in general, before your sister pursues a short sale, she should find out (through her agent) how many banks are involved (hold mortgages), who the banks are, who is negotiating with the bank, whether there are known title issues or C/O issues, whether the bank has any involvement up to this point (input on list price, for example), is the seller cooperating, etc.
Is your sister's agent experienced with short sales? If not, it can be difficult. I just closed one last week on one of my own listings, and it was a LONG, frustrating road. I usually recommend that my buyers avoid them unless they are FULLY prepared to deal with all scenarios... waiting a long time to get a response from the bank, getting a much higher counter from the bank (sometimes significantly higher than the list price on the house), having to pay for house repairs, C/Os, title issues (judgments against house, etc.) out of their own pocket to get the deal done, etc. Most buyers who are looking for a primary residence don't want to take on that type of purchase, and in this market, they don't need to.
But regardless of whether a short sale is the way to go, I think your sister needs to have a conversation with her agent and get some information about whether the agent is representing her, whether she is bound to this agent, and honestly discuss how the offer was handled and how it differed from her expectations. Communication and trust is key between an agent and a buyer, and if that doesn't exist, then it's probably not the right agent.
But based on what you are saying, I wouldn't assume your sister's agent is doing anything "shady." She may just be out of her depth with short sales or being jerked around by the listing agent or a poor communicator... but really, what would she have to gain by not presenting your sister's offer? The agent doesn't get paid unless she closes a sale!
Let me know if you have other questions or if I can help further!
Thank you very much
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| Posted 6/24/14 3:41 PM |
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