Lately I have seen something you never seen before. That's right a Seller who accepts not one not even two but several offers on the same piece of property. This just does not seem possible.
After all they only have one home to sell yet Seller's are accepting offer after offer. Not only that but their Real Estate agents and Brokers in Portland Oregon are encouraging them to do so. How can this be? Someone is bound to be upset.
Yet the Buyer's do not seem to mind. They go about there way sometimes spending money on several inspections with a hope that they will not have spent the money for naught.
What kind of State is Oregon you wonder? Why its the State of Short Sales of course. In Oregon the Seller is allowed with disclosure to accept multiple offers on the same piece of property. The two page short sale addendum which accompanies the offer sheet spells it all out for all parties.
Short sales as we all know comes about when there is not enough equity in the property for the Seller to pay off the lean against it. Hence he must sell it Short of the full amount owing. The acceptance of this offer by the Seller then must be sent to the Lender for their acceptance.
No seller likes to sell short and walk out of closing without some sort of profit nor do Lenders. For lenders they are often asked to take significant losses to accommodate the sale. Hence they are not always in that big of a hurry to do so. In fact in some cases if an offer is submitted to quickly the immediate thing that pops into both Seller and Lenders minds is " I wonder if we could get more? "
In regards to Oregon Law and Short Sales the Seller is allowed to take as many offers on one piece of property as they can get. For Agents representing Seller's of Short Sales it is our responsibility to treat all parties fairly and honestly and to notify all interested parties in the Short Sale it's true status.
This means that if you get an offer or even if you get multiple offers, you are to update the status as offers accepted and submitted to the Lender. The Property is to remain as an Active Listingthroughout the process until the Lender or whomever is being asked to sale short be it First Second or even a Third lean or more has accepted the offer.
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Although multiple offers can make it confusing, when it comes to short sales the reality is that it is the agents job to present all offers to the Seller for his or her consideration and then forward on any that are accepted to the third party. Untill the Lender has signed off or on as the case may be you do not have a contract as long as it is accompanied by the short sales addendum that clearly states the Buyers tenative position based on a third party decision.
In short the offer is not binding untill all parties to the agreement have accepted, this includes the lender or lenders.
The difference with short sales is that the third party often will not execute acceptance until the very last moment. There is no Back up offer position to be offered because there has been no acceptance so all offers remain in limbo until then. In fact there could be a valid argument that by accepting an offer and placing others in back-up prior to Lenders aproval that you have not properly represented you client. Why? The short sale is just that, moneys that your client is short and may be responsible for especially if the back ups are for more money. Period, done and done.
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