Home Buying in 84770>Question Details

Kathy Cenico…, Home Buyer in Los Angeles, CA

Can the seller choose the buyer/friend's offer on a short sale even though there are better offers?

Asked by Kathy Cenicola, Los Angeles, CA Fri Jun 22, 2012

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Depends...are you looking to commit fraud....perhaps even a felony Kathy ? Why else would you want to take a lower/worst offer !!
1 vote Thank Flag Link Fri Sep 28, 2012
Yes, the seller can accept any offer they choose. They are not required to accept an offer even though the terms may appear to be better than another offer. The bank is not a party to the offer but is a 3rd party that will set the amount they are willing to accept as a '"payoff" of the existing mortgage.

I would be happy to walk you through the process of a short sale. Thayne Houston Broker 30 years
0 votes Thank Flag Link Thu Dec 19, 2013
There are many facets to an Offer, besides the PRICE:
The STRENGTH of the offer can be more important to the Bank than a few thou. They do not want to get in the middle of an Escrow and have it fall through; that could cost the Bank that few thou.
The Contingencies and Inspections come in to play.
The length of the Escrow.
The Lender might affect their decision.
The amount of repairs needed and the Buyer is addressing them.

You are assuming that yours was the superior offer; it probably wasn't.
0 votes Thank Flag Link Fri Jun 22, 2012
All cash, 25k over asking of 170k, no contingencies and inspections.
You are assuming we are 1st time home buyers.
Flag Fri Jun 22, 2012
All parties to the contract must be at "arms length", meaning you will have to certify in writing that you do not know any party involved in the contract.
You should check with your agent and/or consult an attorney.
0 votes Thank Flag Link Fri Jun 22, 2012
Could the law be different in Utah? We submitted a much better offer, but the sellers want to sell to friends. Our agent is in the same office as listing agent/broker who is also friends with seller.
Flag Fri Jun 22, 2012
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