Home Buying in Fairfax>Question Details

Majestic, Home Buyer in Vancouver, WA

If the seller and buyer agree on a shortsale price, will the bank accept it?

Asked by Majestic, Vancouver, WA Mon Oct 31, 2011

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Answers

7
Not necessarily. It all depends on the comparable sales in the area.

Marco Gomez
NYS Licensed Associate Broker
Keller Williams Landmark II
Marco.gomez@gmail.com
0 votes Thank Flag Link Tue Nov 8, 2011
The seller is free to accept any offer he/she wishes, but the lender decided to accept, reject or counteroffer....
0 votes Thank Flag Link Mon Oct 31, 2011
The answer is it depends, the 2 largest fatcors are that the bank will look to see if the seller quailifies for a short sale, and if the sales price is at or just below market value.

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0 votes Thank Flag Link Mon Oct 31, 2011
Hello Majestic,
Unfortunately no, the bank may not accept the offer. The lender(s) involved have the final say on the selling price; not the seller.

The bank may accept the offer, flat out reject it, or give you a counter offer. The process of obtaining an accepted offer from the bank may be lengthy so be prepared to wait a few weeks for a response.

I encourage you to work with a real estate agent who is experienced in the short sale process so that he/she can advise you on the process and keep you informed.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Mon Oct 31, 2011
Hi, The bank has to approve the seller for a shortsale, there are specific criteria they use to decide if a seller qualifies. The seller is the one to accept any buyer offer but the bank has the final say.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Mon Oct 31, 2011
Hi There,
The way a short sale works is the buyer and seller agree on a price and then the bank has to agree. The bank will get an appraisal and make the decision from there. The bank will also be deciding if they will accept the seller for the short sale. That's why it's important not to be blown away about some very low listing price as the bank will be expecting something close to value, but they will typically conservative.
good luck to you!!
Lisa Doyle
0 votes Thank Flag Link Mon Oct 31, 2011
No. The bank must be convinced by the agent representing the seller that it is a viable offer. Some sellers use an attorney to represent them and negotiate with the bank. I am experienced in successfully. negotiating short sales.

Vangie Pappas
Pappas Realty & Management Co.
241 Windward
Clearwater Beach, Fl 33767
pappasguru@hotmail.com
727-501-3268
0 votes Thank Flag Link Mon Oct 31, 2011
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