Hello everyone,I have a situation that I need a suggestion for. I have a short sale listing in which the sellers are now going through a divorce and now are being very difficult with me. The husband was trying to buy the property from the wife but the bank (Countrywide) didn't allow it and gave me a counter offer on the price. I have an offer from a buyer for the asking price, but now the sellers are not cooperating and are being difficult in signing it. It goes to sale on April 7th and the sellers think that they can postpone it again even though they received the NOD a year ago, but have been postponing the sale many times. Does anyone know if I can send my offer directly to the investor or any other suggestions anyone has for me? My buyer really wants the house and I don't want to lose the offer. Any recommendations would be greatly appreciated. ThanksLily
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Explain to the Sellers that they have a ready, willing and able buyer and that they have an obligation to accept, reject or counter. In Texas, if the Seller has received a full price offer from a ready, willing and able buyer and does nothing, the Seller is in default and buyer can seek legal action. If you can't get the Sellers to cooperate, cancel your listing. After it goes to foreclosure and the bank gets it back, then contact them with the offer from the buyer, sometimes a bank will allow an agent to have a one time listing. But bear in mind, when I was an asset mgr I was always getting calls from agents that said they had the property listed and had a buyer, so I would send them a listing agreement and then the buyer would back out, this happened many,many times so I finally quit and went to the agent that was already approved in our system and told the other agent to submit the offer through our agent.
Wow, Thank you Cindy. This is definitely great information. I appreciate you taking the time to send me this message because it has helped me out very much.
Hi Lily, Question first, was the counter to the husband not acceptable to him? I would advise them they are playing with fire if they think they can get the sale postponed again. The moratorium has been lifted and although they have a small chance I would bet the property gets offered on the 7th. They way to get it postponed is to get an offer to loss mitigation NOW. You can't submit directly because your fiduciary responsibility is to the sellers.
Lily:
If your a CAR member this may be a good time to pick up the phone and use the CAR Attorney Service. Based upon my knowledge and I am not an Attorney as long as the Trust Deed sits in the name of the Borrower there is nothing that the lender can do. So contacting them would be a waist of time anyhow.
I might suggest that old standby ... the one we used in the old school... meet with the "Clients" in person.. sit down look them in the eye and close your transaction.
As I understood, your point is to send your buyers offer to the lender, assuming, that, after sale, lender will be the owner. The lender probably has nothing wrong with that and they can review the offer. But problem could be, in my opinion, with the existing owners. You are representing them as a listing agent, so it is means, that you have obligation to behave for the best interest of your clients (property owners). If your will send offer to the lender directly, assuming , that after sale lender possible can review your offer (as buyers agent) , existing owners can complaint with you, because property got foreclosed, and you did not tried to do the best for them to the and. The best way, if the property will be foreclosed and become REO, contact lender after that, because you don’t have any more listing agreement and obligations with previous owners. Good luck!
Replies
If your a CAR member this may be a good time to pick up the phone and use the CAR Attorney Service. Based upon my knowledge and I am not an Attorney as long as the Trust Deed sits in the name of the Borrower there is nothing that the lender can do. So contacting them would be a waist of time anyhow.
I might suggest that old standby ... the one we used in the old school... meet with the "Clients" in person.. sit down look them in the eye and close your transaction.
As I understood, your point is to send your buyers offer to the lender, assuming, that, after sale, lender will be the owner. The lender probably has nothing wrong with that and they can review the offer. But problem could be, in my opinion, with the existing owners. You are representing them as a listing agent, so it is means, that you have obligation to behave for the best interest of your clients (property owners). If your will send offer to the lender directly, assuming , that after sale lender possible can review your offer (as buyers agent) , existing owners can complaint with you, because property got foreclosed, and you did not tried to do the best for them to the and. The best way, if the property will be foreclosed and become REO, contact lender after that, because you don’t have any more listing agreement and obligations with previous owners. Good luck!
Kestas