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Question:

(from a Short Sale buyer)

“I see a (short sale) process which is not controlled, lacking checks and balances to surface accountability.  We can get everything done on our side per the expectations and rules, offer up our earnest money, sign all the paperwork for the offer and submit, etc … yet, if the other agent decides to drop the ball and not give the paperwork to the bank then what is our recourse ? … can we submit directly to the bank ?”

Answer:

Good questions, and now you know why we dislike these so much.

If there was a way to have professional accountability, the whole short sale process would be different, but it’s not.

Who is the bank accountable to? No one. If they don’t want to use best practices, we have no outlet to scream, because it’s not going to change anything.

Who is the other agent accountable to? Her client the seller, and if she does something unethical, she answers to her broker.

Who is the seller accountable to? Herself.

Who are we accountable to? You and our reputation.

Who are you accountable to? Yourself.

The real problem is that nothing tangible happens until the bank agrees to do the deal. Since the bank stands to lose hundreds of thousands of dollars, they call ALL the shots, EXCEPT, that you as the buyer can walk at anytime you want and what can I or the seller do about that? You guessed it, nothing. The seller can throw in the towel at anytime as well. We can’t do anything about that.

Your last question is that if the seller’s agent drops ball can you submit to the bank directly? No. You can only make an offer directly when the bank “owns” the property, and that happens AFTER foreclosure.

Hope this helps.