All Forum Posts by: Dustin Wise

I'm familiar with the 203k loan but have not met or spoken with someone who is actively closing these loans.

I'm a realtor who works in Orange County. There are a lot of properties that have the potential and need for this type of financing. I'd like to partner up with some brokers and/or loan officers out there that are familiar with this loan.

I know there are a lot of good LO's and brokers left out there. Send me a PM or post a comment. Thanks!

Yep, definitely agree with that too. I've experienced that as well. I'm trying to weigh out our ethical and ficuciary responsibilities in this short sale market.

The listing agents responsibility is to the seller/homeowner so it's really whatever serves them best. If submitting multiple offers complicates or lengthens the process then as a listing agent I'm not serving my client well.

Just getting out some of my own thoughts and hearing everyones opinions has been very helpful.

To me, any property, not just a short sale should remain active until the offer has been accepted and signed with a copy in my hands

I agree, honesty is definitely best. I did find out more info today from our local board and the legal hotline provided by California Association of Realtors.

Once an offer is accepted by the seller (homeowner, not the bank) our local MLS rules state the property must be taken from Active status and put into Backup or Pending.

In the Short Sale Addendum in section E it states "Unless otherwise agreed in writing, Seller may continue to market the Property despite acceptance of Buyers offer, and to present to Short Sale Lender(s) any additional offers that are received on the property".

This is a very compelling reason alone to have all buyers include the SSA with their offer.

So it's really up to the seller, whom I clarified is the homeowner, not the bank. The key words are "may continue to market". The seller doesn't have to but it's their right if they want to.

I agree that too many offers could in fact just confuse the bank but if a seller receives a lower than asking price offer and then receives a higher offer it's their call.

Thanks David and Mark for your comments!

I think the closest thing we have to that is a Special Conditions Section that shows the property as either Short Sale/Subject to Approval or Short Sale/Offers Submitted. This isn't technically the status but just clarifies what type of sale it is or if special conditions exist (i.e. Corporate Owned, REO, Short Sale).

I'm definitely calling the board tomorrow. Really the heart of my question is what to do with "backup" offers if and when they come in. If you take every backup offer that comes in and send it to the lender (assuming it's higher and/or better in some way) it could potentially lengthen and complicate the bank approval process.

There seems to be 2 schools of thought when it comes to short sales as it pertains to the MLS Status (Active, Backup, Pending, Closed). Specifically when the listing agent receives an offer on a short sale. However, I haven't been able to find a clear cut answer so I thought I would ask here to see how other Realtors are dealing with this.

1st Some agents are keeping the property in Active Status once they have received an offer and have submitted it to the bank. No bank approval yet so the property is still marketed as Active on the MLS.

2nd Other agents are immediately putting the property in Pending or Backup status and negotiating the first offer they receive.

I can see positives and negatives to both. Thoughts? Is there a legal and correct answer?

Hey Tim,

I've seen some examples of what others have done with direct mail but I don't have experience or knowledge to know how well they work. Give me a call tomorrow and we can talk about it. I hope it works so I can take the listing! Haha.

Thanks for the response Josh. I'll look for any news on this in the future.

Is there a way to attach a document to a reply or post? I haven't tried it since the site was relaunched and I can't seem to figure it out. Thanks! :lol:

I forgot to mention, make sure you pay attention to SEC rules and regs.

Also, just curious, who is asking you to go out and find hard money investors?