As a short sale listing agent, I am growing weary of learning that a buyer has been instructed by their agent to make purchase offers on multiple properties with the intention of purchasing one. Twice this month a buyer's selfish antics have forced good families into foreclosure.
I understand it is a tough market for buyers in the Phoenix area and that many times a buyer will need to bid on 5-10 properties to be able to purchase just one. But, please buyers, make these bids one at a time. If your intention is to purchase one property and you are under contract on several at the same time, you are defrauding the seller and the seller's lender.
Frequently, short sale sellers receive approval letters 30 days or less from their auction/foreclosure date. Typically when a buyer receives notice of an approval letter, is the time the buyer cancels the deal. This leaves the seller's family less than 30 days to find another buyer and close the deal. This is impossible unless a cash buyer can be found quickly. In many cases, the seller's lender will not postpone the auction date and the seller is then forced into foreclosure.
So buyers, when you cancel, take a look in the rear view mirror as you drive away. You will see a family left in tears because of your fraud.
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