IS THIS ETHICAL ON SHORT SALES?
OK, SO A Buyers agent yesterday took a class on Short Sales. At this time they were told they are only to submit ONE offer to the lender, not several. So the two of us had a long discussion that followed that went something like this.
So, we are only suppose to submit one offer. Lets say several days go by and then another offer comes in for this same property but lets say, $35,000. more than the previous offer. Still we can't submit this to the lender?
Isn't it OUR JOB to get the most for my client as possible on this property? So, I find this a double edged sword. The lenders want to get as much for the property as possible, you also in turn want to do the best job you can for your client.
We all know most of these lenders will be taking months to make a decision on the property, and isn't this leaving the lender open for a possible suite against them or us, if we don't submit all offers?
I understand that Our job is to present all offers to our sellers. When we have lenders involved, which in reality they are the sellers, shouldn't they be making this decision? And by not presenting these offers to the "sellers" are we not destroying our ethics and everything that we stand for?
Katie Creek