How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Damien Bosco Your Own Question

Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 1508
Experience:  Helping you with your legal questions.
68302747
Type Your Real Estate Law Question Here...
Damien Bosco is online now
A new question is answered every 9 seconds

Why when I want to put in a back up offer on a Short Sale or

Resolved Question:

Why when I want to put in a back up offer on a Short Sale or Foreclosure property will the listing agent/broker refuse to accept it and/or my own agent refuse to submit it? I am being told that if someone has presented an offer already then therefore the property in question is considered active with contract and I can not make any offer. I know that if I were attempting to sell a property I'd want to get the best offer that I could for it and therefore would want to know about any and all additional offers before actually accepting any offer. The reason for this question is that I have recently lost out on properties I wanted and I am looking on how to get around this situation as I go forward in trying to purchase a home. Thank you.
Larry Hubbert (XXXXX@XXXXXX.XXX)
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Damien Bosco replied 1 year ago.

Hi and welcome! My name is XXXXX XXXXX I will be assisting you. I am happy to help.

 

 

I know of no general restriction for the listing agent/broker to refuse to accept an/or refuse to submit a back up offer. The only explanation I can think of is that the short sale seller and buyer might have signed a short sale addendum to not allow back up offers. However, if that short sale addendum allows the seller to accept backup offers and send those offers to the bank, you might be a in a position to persuade the seller/agent to submit your offer to the bank.

 

Also, listing agreements may contain a provision that once the seller has executed a purchase contract with a buyer the listing broker has no obligation to continue to present offers to the seller. Also, possibly it has to do with the commission rate/agreement.

 

Note, it is legal for a seller to refuse to present additional offers to their lender for approval, even if those offers are higher. The lender, however, is an essential party in these transactions so sellers should ensure that they understand the lender’s preferences or requirements when processing a short sale for a borrower/seller. Realtors should remember that the seller is still the legally responsible person so unless their direction is illegal or contrary to the lender’s instructions they should follow their direction. So, it seems that there may be particular agreements that are in place that is the reason why they are not accepting back up offers.

 

I hope this response answers your question. If you need clarification or have a follow up question, please let me know. Best regards, Damien

Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 1508
Experience: Helping you with your legal questions.
Damien Bosco and 7 other Real Estate Law Specialists are ready to help you
Expert:  Damien Bosco replied 1 year ago.
Hi Lawrence,

I just want to thank you for giving me a positive rating. I am here to help you in the future also. You can request me by name the next time and I will be notified. Also, you can bookmark my profile and ask me a question that way. Here is the link:

http://www.justanswer.com/law/expert-damien-bosco/

Either way, I am always happy to help.

Best Regards!

Damien Bosco

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Lawyer

    Satisfied Customers:

    6227
    20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Lawyer

    Satisfied Customers:

    4966
    13 years real estate, Realtor. Landlord 24+ years
  • http://ww2.justanswer.com/uploads/LA/LawTalk/2012-6-6_17379_LawTalk.64x64.JPG LawTalk's Avatar

    LawTalk

    Attorney

    Satisfied Customers:

    4446
    I've more than 27 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
  • http://ww2.justanswer.com/uploads/RA/rayanswers/2012-6-7_23346_Untitled1.64x64.jpg Ray's Avatar

    Ray

    Lawyer

    Satisfied Customers:

    4030
    Texas Attorney for 29 years dealing in real estate
  • http://ww2.justanswer.com/uploads/PH/philip.simmons/2012-6-7_161915_BIGPhilipSimmons.64x64.jpg P. Simmons's Avatar

    P. Simmons

    Lawyer

    Satisfied Customers:

    2377
    12+ yrs. of experience including real estate law.
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    2355
    B.A.; M.B.A.; J.D.
 
 
 

Related Real Estate Law Questions

Chat Now With A Real Estate Lawyer
Damien Bosco
Damien Bosco
Attorney
505 Satisfied Customers
Helping you with your legal questions.