Question Details

Debra B Albe…, Real Estate Pro in Port St Lucie, FL

With Short Sale Offers, are most banks expecting multiple offers? If so, doesn't this require a disclosure?

Asked by Debra B Albert PA, Port St Lucie, FL Tue Dec 9, 2008

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Hello Ron and Debbie,
In my experience if the seller signs the contract that is what the bank works with. The rest would be back ups in case the first contract fell through. Unless,of course, it was a multiple contract situation to begin with. Now, if the seller does not sign the contract and it is submitted unsigned then yes, most likely contracts will continue and a highest and best when the bank comes back. I have represtented buyers in both situations and when the seller signs the contract really works well. With my short sale listings I do it the same have the seller sign and submit and if through the process others would like to write it would be a back up.
Hope this was helpful,
0 votes Thank Flag Link Tue Dec 9, 2008
In my experience here in Stockton, CA (foreclosure capital) we have received the multiple offer disclosure after the bank has accepted many offers. They then contact us as a potential buyer and disclose and fax over the multiple offer form to sign and return. Then the bank gives all potential buyers who have been accepted a final opportunity to submit the highest and best offer. Then a decision will be made.

However, once the higest and best offer is accepted, it still moves at a snails pace as the paperwork moves through various departments, each equally as busy as the previous department. A recent accepted offer was submitted first week of September and just yesterday we were informed it was accepted and looks to close mid-January. Meanwhile, we continued to look at other homes. Hope this helps you!

George Kininmonth
0 votes Thank Flag Link Tue Dec 9, 2008
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