ps-- pic anyone who signed in before me................
Same goes for the short sale. Until the bank signs off on it, you don't have a deal. You can always recind the offer should you hear back on the first deal. If you recind your offer, make sure you receive something confirming that you have withdrawn your offer. You don't want to end up buying two houses.
It is always better to present one offer at a time when purchasing a home. A seller has to respond to all offers presented and if you have a multiple offers arriving on a single property and all the purchasers are not intent on moving forward it creates a muddy transaction. It is always best to pick your top selection and move forward with an offer and negotiation and if that offer does not meet your terms then withdraw the offer and move onto the next offering.
Licensed Real Estate Broker
The Westcott Group Real Estate Company
as a realtor i always want an offer to be in writing, accompanied with a preapproval from
a reputable mortgage company verifying either my buyers credibility as a buyer or confirming to my
seller that the offer presented is in fact from a buyer who is ready, willing and most importantly able..
hopefully you have discused financials with a mortgage rep or at minimum with your realtor if you are
being represented by one.
second, for short sales, it is still the homeowners home, they are the person who will have to accept your offer, then there is a formula that the banks work with to make a decision if the offer is within their paramaters.
if you have any further questions regarding the procedures i am a certified short sales specialist.
back to your question,
the bank does not accept a deal based on an offer they require full contract..
until you are in full contract with either party you have the right to change your mind either way..
hopefully this helps?
i am also a resident of west islip...
Coldwell banker residential