As of July 1, 2010 PNC REO is using offersubmission.com for buyer agent's to submit offers directly to asset manager, by passing the listing agents. I think this will bring more transparency to transactions. With this buyer's agents wont blame LA for not presenting offers, and they will be responsible to submit a complete offer. in the other hand the buyer must pay $300 at closing for the service. This will definitely expedite the offers and counteroffers, and will level the playing field for buyer and their agents. I will keep you posted how it works for me soon.
The good:
To the Listing Agent:
- No more wasted time receiving, entering and submitting unacceptable offers on behalf of other agents
- No more telephone calls from cooperating agents seeking status of offers.
- Reduced paperwork
- You will still see all of the offers received on your listings in real-time, and you will always know what offers have been accepted, rejected or countered.
- Increased marketability of properties for faster sales and quicker commissions.
- The only offer you ever need to deal with is an accepted offer.
To the Buyer’s Agent:
- Agents receive an immediate confirmation that their offer has been received 7 days a week, 24 hours a day.
- Agents receive notification of acceptance/rejection or a counter-offer by the next business day.
- Buyer’s Agents negotiate online directly with a decision-maker for the selling financial institution.
- Agents can include comments regarding the property or the buyer and be assured that the decision-maker considers them when evaluating the offer.
- Agents download all of the required addendums themselves once an offer has been accepted. :
BUYER PAYS $300 FEE AT CLOSING”
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