Short Sales and Multiple Offers

As a Realtor, I run my business honestly and play by the book.  I get very frustrated with other Realtors who do not think as I do.  I take pride in what I do and think a Realtor’s only concern should be for their customer.  If you treat your customers well, they will come back to you over and over again and they will refer their friends and family to you.  I find that most Realtors I run into feel the same way and they are nothing but professionals so I get very upset when the bad ones affect the good ones.  There are some Realtors who are solely out to make money and they do not care how ethical or unethical their actions are.  Of course, every Realtor (myself included) is in the business to make a living.  I believe that you do the right thing and you will prosper.  I mean, we work extremely hard for our customers.  I am talking about the Realtors who are doing things below the belt just to make an extra buck.  One of the things some Realtors are doing is taking multiple offers on short sale properties, but never get their seller to sign an offer and leave the property as active on the Multiple Listing Service.  First of all, if a Realtor has offers on a property but choose to keep it active, they are required to insert language in the listing indicating this fact.  Secondly, how is taking multiple offers from buyers and never fully executing a contract to a binding contract beneficial to the seller, the lender or the buyer?  I would bet the seller is not told by their Realtor who is supposed to be representing their best interest that they have offers on their property.  Basically, what the listing Realtor has is a bunch of no good contracts that bind no one to actually purchase the property.  A good buyer’s agent has to weed through these listings for their buyers so they do not put the buyer in a situation where there is little or no chance of them actually getting to the closing table on this home because another buyer has put in an offer that is $100 more than theirs?

I think some Realtors who take multiple offers and practice the scenario above really think they are doing good for their seller, but this practice needs to stop.  I understand leaving it on the market if you get a low-ball offer or the financing is sketchy, but you need to advise the buyer or the buyer’s agent to put in a serious offer and make sure the financing is solid.  This market is difficult enough without this type of Realtor playing games.

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