We have been watching a young potential home buyer go through a horrible frustrating time trying to purchase a home.
He's lined up his finances and contacted an agent to work with him. That's the easy part.
The hard part comes when houses have been selected to view and agents don't return appointment phone calls OR the houses suddenly have offers on them. They have been listed for less than 24 hours and they have offers. How can that be?
He's discovered that he must look on the public side of the mls several times a day for new listings. When one comes up he and the agent must be Johnny on the spot to view the property and write an offer immediately.
The offer states 72 hours for the sellers to respond and a week goes by with nothing. No rejection or acceptance. Just nothing.
Two weeks later the listing agent says that he will be submitting the offer to the owners that night and he will be getting back to the buyers agent. Again nothing is heard.
Another week goes by and they notice house is now CCS (Contingent Continue to Show) the buyers agent calls the title company to find out IF they know anything. Well, son of a gun, the offer was accepted and they are waiting for bank approval.
We always that the listing agent should notify the potential buyers agent that the offer was accepted. Guess not. They just dont have time with all these short sales going on.
Now he sits and waits and waits and waits until the bank either accepts or rejects the offer. Or wait until he hears from the other agent to say another offer has come in. Or will he let the buyers agent know that another offer came in?
Putting offers in on houses with short sales is torture. It's nice that young buyers now have the opportunity to own a me but the rules have changed to where it's very very frustating.
Until the bank responds is he supposed to keep looking at homes and putting in offers until one finally goes to closing??