Receiving , managing and negotiating offers online is not something new, but it is increasing in popularity due to the wide spread multiple offer situations that exist in the current market. eBrokerHouse has been the leader in this service for the last 4 years and we are quickly transforming the offer process on a national scale to one that is more transparent to all parties involved and easier to manage for the listing agent.To get more news about idealing, you can visit wikifx.com official website.
There are many benefits to all parties involved. The list agent is able to receive all of their offers into one central location in one standard format. This reduces clutter, missing documents and keeps you and your team organized. List agents can make certain info and documents required to be submitted with the offer, limit financing types accepted, set a highest and best date, attached addendum that need to be included, and much more to ensure each offer comes in complete with all info needed to present to the seller.
We here from agents all the time that they suspect or know first hand of situations where their offer was never even presented to the seller or the bank in short sale and REO transactions. Even though their offer may have been stronger than the one that is ultimately accepted. We have spoken to agents that see an increasing trend of brokers selling their short sale and REO properties in house to double end the deal. Because they receive multiple offers on a property due to the low inventory that exists in most markets across the country, they can pick and choose which ones to submit to the bank. If list agents are questioned buy a buyer's agent as to why their offer wasn't accepted, some answers they receive range from "we never received your fax or email" to "I don't know the bank liked the other offer better".
We have been told first hand accounts of the following scenarios:
1. In a shot sale the seller doesn't want to move and wants to rent the house back. So the list agent only submits offers from an investor that has agreed to rent the property back to the seller or a family member of the seller that has agreed to do the same.
2. The list agent knows an investor that wants to flip the property and will give the agent the listing when its time to re-sell it. So the list agent makes sure that the investors offer is the best one submitted to the bank so they can sell the same house twice.
3. The agent has a family member, friend or client that is interested in buying the house so they ensure that their offer is the best one submitted.
4. Brokers wanting to double end transactions ensure that an offer from another agent in their company is the best one submitted to the bank.
5. List agents lying about how many offers have been submitted to entice offers quickly and at higher offer prices.
These are valid and real things happening out there, but are very hard to prove. Proving that your client's offer wasn't lost in the email abyss or the fax machine wasn't out of ink, is hard to do. When a list agent uses eBrokerHouse they not only totally streamline their offer review, management and negotiation process, but also provide buyers and buyer agents with a transparent offer process that leaves no suspicion of fraud or negligence.
Buyers' agents will ensure that their offer is always received by the list agent. You get a confirmation email and an amend link that will allow you to amend your offer at any time and also see all of the details of your offer at any time.
Buyers agents can view the amount offers submitted before submitting an offer.
Once an offer has been submitted a buyers agent can always see the status of the offer through the amend link mentioned above and isn't left leaving message after message with the list agent to check the status.
| By | buzai232 |
| Added | Mar 22 '22, 08:01PM |
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