Legal Question in Real Estate Law in California
Must the seller's Agent present my offer to the lender for a foreclosure or short sale property?
5 Answers from Attorneys
I would think so, unless they know it is an unacceptable offer and their client has indicated or implied they do not want to be bothered by such low offers. The big problem is proving that the agent did not and that had he/she you would have gotten the house and at a price less than it actual fair market value [since houses are considered unique, the inability to get it might be damage in of itself]
Who is the seller? The agent represent that person or entity? Unless a foreclosure has been completed, the lender is not the seller.
Mr. Shers is dead wrong. The seller's agent is the SELLER'S agent, not yours. They have no obligation to you. If your offer was a good offer and the agent harms the seller by not presenting it, then the seller can sue the agent. You're still out of luck.
Mr. McCormick is dead wrong. You are not out of luck. If the seller's agent won't present the offer to the lender, do it yourself.
In a short sell situation, the seller submits the offer to the lender, for the lender's approval. A short sale will never go through without the lender's approval. Your offer may be too low, as the lender may have indicated that they would only accept short sales at a certain value. You don't provide enough information to determine what is going on.