Offer Submission from Buyer's agent right to Asset Managers, This will bring more transparency to the transaction.

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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Comments

Susan Cook, RDCPro, CDPE, SFR July 6, 2010 at 10:19am

This is how First Preston does it with Fannie and formerly with BofA. It works beautifully if you have a good relationship with the AM's and can help them along with the bs contracts that slip through. If they trust your judgement, you can get through the BS ones that slip in.
John Accornero July 5, 2010 at 8:00pm

Can't wait to submit an offer this way! Banking on the agent other agent's paperwork blunders will actually help me to propel my offer. I know AM's will be frustrated with poorly executed contracts (as well as actually correspond to the otherwise obscure asset manager.).
Carlos H. Silva Sr. July 5, 2010 at 6:23pm

Don't think the AMs are going to like having to explain to every buyer's agent how to fill out the contract and bank counter/addendum.
Dr. Marqueze D. Williams, Sr, NRBA July 5, 2010 at 10:41am

I love the site! Its easy to use and I too use to get complaints from B.As saying "DID YOU SUBMIT MY OFFER" now they can do it themselves! Smart move PNC....Smart move....

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