Portland Oregon Rose City Blog

Can Seller accept Multiple Offers
February 17th, 2010 7:35 AM

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.

 


Posted by Herbert Hamilton on February 17th, 2010 7:35 AMPost a Comment (0)

Just Listed! 14040 SE Matilda Portland, OR 97267
November 15th, 2009 8:11 AM
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Listings Photo
$384,900.00
14040 SE Matilda

Portland, OR 97267



Beds: 4.0 Rooms: 0
Baths: 2.00 Sq. Ft.: 2564.00
Garage: 0 Built: 1957
 

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Herbert Hamilton
Presented By Broker Associate Herb Hamilton of RE/MAX Preferred Inc. Realtors
5035158889
www.portlandrealproperty.com



 
  Visit this listing at Here

Posted by Herbert Hamilton on November 15th, 2009 8:11 AMPost a Comment (0)

Just Listed! 13022 SE Foster Rd Portland, OR 97236
November 15th, 2009 8:00 AM
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Listings Photo
$399,000.00
13022 SE Foster Rd

Portland, OR 97236



Beds: 4.0 Rooms: 0
Baths: 3.00 Sq. Ft.: 3700.00
Garage: 0 Built: 1955
 

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Herbert Hamilton
Presented By Broker Associate Herb Hamilton of RE/MAX Preferred Inc. Realtors
5035158889
www.portlandrealproperty.com



 
  Visit this listing at Here

Posted by Herbert Hamilton on November 15th, 2009 8:00 AMPost a Comment (0)

Just Listed! 327 SE 151 Portland, OR 97233
November 15th, 2009 7:50 AM
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Listings Photo
$149,900.00
327 SE 151

Portland, OR 97233



Beds: 3.0 Rooms: 0
Baths: 2.00 Sq. Ft.: 1370.00
Garage: 0 Built: 1997
 

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Herbert Hamilton
Presented By Broker Associate Herb Hamilton of RE/MAX Preferred Inc. Realtors
5035158889
www.portlandrealproperty.com



 
  Visit this listing at Here

Posted by Herbert Hamilton on November 15th, 2009 7:50 AMPost a Comment (0)

Just Listed! 735 NE 52 Portland, OR 97213
November 15th, 2009 7:41 AM
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Listings Photo
$299,950.00
735 NE 52

Portland, OR 97213



Beds: 3.0 Rooms: 0
Baths: 1.00 Sq. Ft.: 2363.00
Garage: 0 Built: 1920
 

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Herbert Hamilton
Presented By Broker Associate Herb Hamilton of RE/MAX Preferred Inc. Realtors
5035158889
www.portlandrealproperty.com



 
  Visit this listing at Here

Posted by Herbert Hamilton on November 15th, 2009 7:41 AMPost a Comment (0)

Just Listed! 11825 NE Morris Portland, OR 97220
September 26th, 2009 10:53 AM
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Listings Photo
$214,900.00
11825 NE Morris

Portland, OR 97220



Beds: 3.0 Rooms: 0
Baths: 1.00 Sq. Ft.: 1040.00
Garage: 0 Built: 1956
 

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Herbert Hamilton
Presented By Broker Associate Herb Hamilton of RE/MAX Preferred Inc. Realtors
5035158889
www.portlandrealproperty.com



 
  Visit this listing at Here

Posted by Herbert Hamilton on September 26th, 2009 10:53 AMPost a Comment (0)

Just Listed! 8863 SE 11th Portland, OR 97202
September 5th, 2009 1:26 PM
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Listings Photo
$424,950.00
8863 SE 11th

Portland, OR 97202



Beds: 3.0 Rooms: 0
Baths: 2.00 Sq. Ft.: 2524.00
Garage: 1.0 Built: 2009
 

New Construction in the Hot Sellwood area Close to Willamette River
This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Herbert Hamilton
Presented By Broker Associate Herb Hamilton of RE/MAX Preferred Inc. Realtors
5035158889
www.portlandrealproperty.com



 
  Visit this listing at Here

Posted by Herbert Hamilton on September 5th, 2009 1:26 PMPost a Comment (0)

Just Listed! 5160 NE WIstaria Dr Portland, OR 97213
September 5th, 2009 1:11 PM
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Header_2
Listings Photo
$569,950.00
5160 NE WIstaria Dr

Portland, OR 97213



Beds: 4.0 Rooms: 0
Baths: 2.00 Sq. Ft.: 2694.00
Garage: 1.0 Built: 1914
 

Fabulous Alameda Ridge Home in Portland Oregon
This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Herbert Hamilton
Presented By Broker Associate Herb Hamilton of RE/MAX Preferred Inc. Realtors
5035158889
www.portlandrealproperty.com



 
  Visit this listing at Here

Posted by Herbert Hamilton on September 5th, 2009 1:11 PMPost a Comment (0)

Just Listed! 11944 SE Masa Ln Happy Valley, OR 97086
September 5th, 2009 12:43 PM
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Header_2
Listings Photo
$429,900.00
11944 SE Masa Ln

Happy Valley, OR 97086



Beds: 4.0 Rooms: 0
Baths: 2.00 Sq. Ft.: 2978.00
Garage: 3.0 Built: 1997
 

Custom Home in Happy Valley Oregon
This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Herbert Hamilton
Presented By Broker Associate Herb Hamilton of RE/MAX Preferred Inc. Realtors
5035158889
www.portlandrealproperty.com



 
  Visit this listing at Here

Posted by Herbert Hamilton on September 5th, 2009 12:43 PMPost a Comment (0)

Just Listed! 14870 NE Eugene Portland, OR 97230
September 5th, 2009 12:25 PM
Header
Header_2
Listings Photo
$214,500.00
14870 NE Eugene

Portland, OR 97230



Beds: 2.0 Rooms: 0
Baths: 2.00 Sq. Ft.: 1140.00
Garage: 2.0 Built: 1982
 

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.
 

If you have any questions
about this property or
require more information,
please feel free to call.

Herbert Hamilton
Presented By Broker Associate Herb Hamilton of RE/MAX Preferred Inc. Realtors
5035158889
www.portlandrealproperty.com



 
  Visit this listing at Here

Posted by Herbert Hamilton on September 5th, 2009 12:25 PMPost a Comment (0)

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