My husband and I just made an offer on a short sale home 2 days before the short sale was to expire. Can other people make offers after it expires?

Asked by Heatherofmc, San Diego, CA Sun Sep 4, 2011

The house is selling under short sale for 215,000 and we offered 194,000. Do you think we went too low?

Help the community by answering this question:

+ web reference
Web reference:

Answers

104
John Walin’s answer
John Walin, Agent, Libertyville, IL
Mon Dec 26, 2011
Often banks review one file at a time, so you could be OK. Its not like they will ask you to counter offer your own offer because it is a competitive situation. Don't be surprised if the bank comes back with a counter offer at 225k! The key is if the bank has done a distressed appraisal yet, and the distressed BPO appraisal drives the decision for the bank. Ask the listing agent what the disclosed hardship is for the seller. Also, you can maybe have a lender friend of your agent run a preliminary title and see if there is more than one mortgage or other liens on the property. If there is more than one lien, keep looking! If the seller has a weak hardship or a 2nd mortgage and back taxes due, it will be tough to close. Some sellers are playing the system to live there for free until the sheriff forces them out. If the home is vacant, then the bank will consider it abandoned and often will accelerate the foreclosure process.
if you like my answer, thumbs up and best answer me, thx
3 votes
John Walin, Agent, Libertyville, IL
Thu Dec 15, 2011
Short sales are done as a convenience and courtesy to the seller, not the benefit of the bank. The bank has 3rd party approval rights and the question is what is the hardship of the seller, did the bank do a distressed appraisal and is there more than one lien on the property. Did you write an offer with the listing agent as a dual agent or have an agent representing you that was not the listing agent? They should have incentive to stall and extend the listing period unless the bank is chomping on the bit to foreclose on the property.

If you liked my answer, thumbs up and best answer me, thx!
3 votes
Carrie Rolli…, Agent, Los Angeles, CA
Tue Jan 17, 2012
Yes, others can make offers. The agent often will present the offers, it all depends on the lender and agreement that is stated with listing agent and sellers. Each short sale has a unique character as do the foreclosure transactions and escrows. Ask you agent to get clarity. Best of luck to you!
Carrie Rollings
2 votes
Martin Campos, Agent, Marysville, CA
Thu Jan 26, 2012
To answer your question putting an offer on a short sale or any sale it is not like playing monopoly or betting on an auction where if you are the last to bet will get you the property at any price that you’ll offer, that is not how it works. First the bank it’s hopping to get as close as possible to the fair market value, if they are to approve the short sale.
Ok. The listing agent will only submit one of the offers received and any other offer will go in to backup positions, if multiple offers are submitted the highest and best will be the one submitted.
Now, if the seller accepted your offer and your offer got bump out because of a highest offer, that was received 2 day later, then the ethics of the listing agent are in questing, in a circumstance where your offer was submitted to the bank.
However if the bank come back with a counter offer to your offer and you counter back or took your time to except, you got to remember that there are backup offers.
1 vote
Willy Olsen, , Claremont, CA
Fri Jan 20, 2012
Offers can be submitted up to the point that the Seller (lender) accepts an offer.
As to your offer amount, that depends on several different variables. Is it an all cash offer, is there financing involved, what are area sales comps for similar homes in the neighborhood, were those homes sold at or lower or higher than asking price, how much listing and sales activity is there in that neighborhood, and condition of the home. Once you know some of these answers, then ask yourself that if you were the lender selling that house would you accept your price and terms.
1 vote
Eileen McKeon, Agent, Cleveland Heights, OH
Fri Jan 13, 2012
Short Sale Rules are like the wild wild west--they constantly change, and it depends who is making the rules!
In my market, Cleveland OH, $194k on $215k would be considered a 'fair offer' so yes, i think most banks would take that. I've been seeing banks accept 50% of list price or amount due. I am finding they rely almost entirely on the appraisal and the letter sent in from the Realtor describing the market, customary list to sale ratios etc. I always put together a chart and letter with these stats for a lender to consider. I closed 45 sales last year, 8 being short and all were approved. Some took 2 months, one took 7 months, but good luck. I hope you get it. With what we have here, it appears to be a fair offer. Let us know!
Eileen McKeon/Howard Hanna, Cleveland OH
1 vote
Mark Claesse…, Agent, Coon Rapids, MN
Tue Jan 10, 2012
Sorry, not enough information here. When you say "expire" do you mean that the redemption period is over and it is going back to the bank? if so, then noone can offer on it. The bank will re-list this with their own REO rep later. Then everyone can start all over with the offers. But the good news is that after the foreclosure.....it normally comes back on the market for less! Why? Ask the banks........
1 vote
Jim Cramer, Agent, Waynesboro, PA
Tue Jan 10, 2012
I would question how you knew the property was to expire? Unless you learned this information after the fact. If the property has expired it would need to be placed back on the Market and then be placed under contract pending 3rd party approval. You need to be working with and asking these type of questions of your Buyers Agent. Trusting that you have a Buyers Agent.
1 vote
Jessie Raybo…, Agent, Clearwater, FL
Mon Jan 9, 2012
Yes, & Unfortunatley there is not a system where every short sale is the same. Most of the time the contract that is sent to the bank is the one that the bank works with. The listing realtor may take a back up just in case you where to change your mind. If your contract is signed by seller and sent to bank you have made it to Step 1 :) Now you must wait for the bank to do a CMA or mkt anaylsis of that property. If you have offered what the houses in the are have sold for in the last 3 months you should be good.. If you have offered less that the sq ft prices of the solds then you will probably get a higher counter from bank and 30 days to close it. Good Luck and Happy House Hunting!
1 vote
Heather Paul, Agent, Santa Monica, CA
Mon Dec 26, 2011
Hello Heatherofmc, it really depends. The bank that has the loan or loans is going to do valuation called a BPO "Broker Price Opinion" on the property, if they feel the listed price or contract price is too low, many times they will come back to the buyer and raise the price. When making your offer, if this is a property you want, go in with a strong offer, cash is always more powerful than a mortgage loan offer and sometimes buyers are beat out by cash buyers as the bank knows this is a sure thing.

Talk to your agent, they should be answering these questions for you! This is why you hired them to represent you, any concerns you have you should address them right away with your agent.

Much success!
Heather Paul, Realtor
Coldwell Banker
310-586-0364
1 vote
Denise and T…, Agent, Westminster, MD
Mon Sep 19, 2011
Hi Heather:

You should have your buyer agent prepare a market evaluation on the property so give you a range of current value in it's "as is" condition. This will tell you what the actual value is of the property, then you will know if you submitted an offer too low. The bank, on a short sale, is different than dealing with a foreclosure. They are looking to sell the home for "close" to the value of the property, keeping in mind that they will have costs involved if they have to foreclose. If it is worth the bank's while, they will accept your offer. First step should always be to have your agent do the competitive market analysis for you before submitting your offer. The seller may agree to sign your offer, but your hurdle is dealing with the bank. They are not looking to "give it away" at this stage of the game. Once it has been submitted and appears to be in close proximity to the value the bank is looking for, you'll want to make sure the agent dealing with the bank (representing the seller), knows what they are doing and hope they are a good negotiator. Not all listing agents are knowledgeable about handling a short sale. I hope for your sake, this agent has that knowledge and can assist in having the offer accepted.

Good luck to you and your family!
1 vote
Jacob Gram, Agent, Denver, CO
Mon Sep 19, 2011
Heather,
You need to understand the nature of short sales to answer this. In a short sale the price offered to the bank (mortgagee/ lien holder) is short of money owed to that bank (hence the name "short"). The bank therefore does not need to accept any offer and foreclose the property. In other words the offer needs to be attractive to the bank so that the losses realized are minimized and a provide a better option than prepossessing the property. So unless the bank has accepted and agreed to your offer they can take any offer they want, or none. Your broker merely brings the idea to the bank and tries to advocate the sale.

Jacob Gram, MSRE, MBA
Living Mile High Real Estate
2105 E. Virginia Ave., Denver CO
303.830.9606
1 vote
Endre Barath, Agent, Beverly Hills, CA
Sun Sep 18, 2011
Heather, unfortunately you did not give enough information for anyqone to give you good advice. Primary question has the "bank approved" the price at $215,000 or is that just the listing agent's price? "expire" or "foreclose" there is a huge difference. If you have a seasoned Realtor he or she should be able to give you the right answer. After you read everyone's input you might want to give some clarifications and than we can give you a more 'case specific' answer.
Web Reference:  http://www.endrebarath.com
1 vote
Kathleen Eic…, Agent, Sharon, MA
Sat Mar 3, 2012
Your offer may or not may be too low. The bank will do a BPO and make a determination based on that. However, if you are making a cash offer as opposed to financing, the banks look favorably on that. Once an offer is accepted banks usually want to close NO LATER than 30 days from approval--so cash transactions get more consideration. Even though you submitted an offer 2 days before expiration, the bank should still take it into consideration. You may want to check and see if there is an auction date scheduled because then time can run out. It is also of the utmost importance that the person negotiating the short sale is experienced. A good negotiator goes a long way.

Good Luck.
0 votes
Jeremy Tille…, Agent, McKinney, TX
Wed Feb 29, 2012
It totally depends on how much the HAVE to get for the property. Most short sells go for very close to the asking price because the price is already reduced. It never hurts to try though!!
0 votes
Jay Becker S…, Agent, La Jolla, CA
Wed Feb 29, 2012
Short sale Listing prices are 100% irrelevant in today's market. Often times these prices have not relevance to true market values, are often listed below market value to a degree far below the bank would consider it etc.

What is most relevant is the current market value of what you are willing to pay for it given the market value.

Once you have determined those numbers, you can make an educated assessment. A qualified experienced agent can help you with these consideration.
0 votes
Jay Becker S…, Agent, La Jolla, CA
Wed Feb 29, 2012
Absolutely - some of the best deals are done on expired or no longer active short sales. It will in the end be the bank's call but chances are they want to sell the property.
Web Reference:  http://lajollahomes.net/
0 votes
Kimberly Ngu…, Agent, San Diego, CA
Thu Feb 16, 2012
When the listing expired, it will probably get relist. It may be that the listing contract that the listing had was for that specific time frame. As for the price of the house, it depends on the overall interest on the property and what kind of offers the listing agent received. Also, is $215,000 market value? Was this short sale a previous approved short sale?
Web Reference:  http://sunnysddreamhomes.com
0 votes
Kim Turner, , Hickory, NC
Wed Feb 15, 2012
You went to low if this was already a bank approved short sale at $215,000.
0 votes
Kevin Vitali, Agent, Tewksbury, MA
Wed Feb 15, 2012
Does that mean the short sale price approval expired or the listing expired? As long as you have a fully executed contract it doesn't make much of a difference. If you have a fully executed contract then other people can make offers but your offer is in play until it is denied or your contract expires. This is where a really good buyer's agent who understands short sales can really help.

As far as your offer price it is all about <a href="http://merrimackvalleymarealestate.com/2011/04/understanding… market value</a>. If the property is worth 225K then yeas you probably offered to little. Hopefully the bank will counter offer if you are too low. If the property is worth 200k than you are probably all set.

Just out of curiosity, are you working with a buyers agent?
0 votes
David and M…, Agent, Littleton, CO
Wed Feb 15, 2012
It depends on what is expiring. There is no expiration that can be extended for a short sale unless it goes to foreclosure and the seller is no longer the owner. As long as the seller is on title, there will always be a way to get an approval from the Lien Holder for a short sale offer. Now is up to the listor dealing with the process and the lender
0 votes
Centermac Re…, Agent, Fremont, CA
Tue Feb 14, 2012
Buying a short sale property is different from buying a standard sale in that the seller is not really interested in getting the highest price possible. Seller wants a buyer who will give him or her the best opportunity to close escrow without complications. Buyer's agent who wants to be successful in getting acceptance on his or her buyer's home needs to see this and not try to outdo everyone else with the price.

As a short sale negotiator and listing agent, I prefer all cash buyers who are willing to waive all repairs including termites and to be flexible with my seller on closing date. It is helpful to have your agent touch base with the listing agent to get a sense of what he or she prefers to see in the offer before making one.

If I'm the listing agent for your deal and the price for standard sale for your property is $250k, I wouldn't thnk 194k is too low and recommend to my seller to reject it outright. i would look at everyting else in the offer like waiver of repairs including termite, flexibility in closing escrow date, seller's choice of escrow and title company, buyer's agreeing to pay for home warranty plan, and buyer's interest in the property. Price is rarely a concern for me as I can always to go the buyer's agent and say, "Look, if you trust my ability to negotiate with the lender to get the best possible price for your buyer, this is what I would like the offer to look."

A buyer with the highest price compared to others doesn't impress me if he's looking at other properties at the same time. I will have some concerns about the risk he or she would exercise his or her contingency to get out of escrow and get his or her deposit back if he or she finds a better property. I want a buyer who makes me feel like he or she has just found his or her dream home - my sellers's.

No one wants to pay full price on a short sale when they can avoid the hassle of the short sale approval process by going with standard sale. As a short sale buyer, you want to look for listing agent who's an expert in short sale negotiation, someone who knows what to say to the lenders to take a big hair cut from the fair market price. Key is to find out who's neogitating the short sale for you. Remember,, the llisting agent, not the buyer's agent, is the one negotiating with the lender.

You want a short sale negotiator who knows how to resolve second loan issue and title problems such as judgment liens or mechanic's liens which from time to time prevent a short sale from closing.
0 votes
Jeremy Tille…, Agent, McKinney, TX
Mon Feb 13, 2012
As many people can make an offer on the house as they want. The bank can take any offer they want and take their time doing it.
0 votes
Patricia Cra…, Agent, Horsham, PA
Mon Feb 13, 2012
Not knowing the details of the listing contract, the black and white answer is yes - other people can make offers on the house. If your offer was accepted by the seller and submitted to the bank, you are in first position. Without knowing the full terms of your offer besides the offer price you mentioned (or the comps in your area), I don't believe the offer was too low, providing it was a fair offer from the start. Short sales is not the time for a buyer to low-ball and get into a haggling position - highest and best (and fair) is the right tactic.
0 votes
Daniel, , Baton Rouge, LA
Mon Feb 13, 2012
You can make as many offers as you wish while the homeowner has legal claim to property.

or you can wait, the home will be seized and then place on general market
0 votes
Ellen Crusoe, Agent, Corte Madera, CA
Sun Feb 12, 2012
Heather,

It's a complicated question with a lot of variables. But first, in a short sale the home owner accepts the contract. Basically all it means is that you are in #1 place to have your offer submitted to the bank. The bank with weigh may factors but the most important would be current market value of property.

To determine current market value you consider different factors - like homes that have sold recently - condition of home you are buying. Hopefully, both agents can support your price to the bank. Remember the banks are not local and they need to make sure they are getting a fair market price for the home. They will most likely send someone out to do a independent evaluation of the home as well. Your agent and the selling agent should both submit documents supporting your contract price.

After all is said and done, the bank may counter your offer. While the sellers' accepted your contract ... the bank (investors) need to accept the price. At this point you are #1 position. Sit back - don't worry - and wait to see what the bank says.

Your agent should be able to keep watch on the auction date for you. My biggest concern is your comment about 2 days before short sale would expire. If that is the auction date it may be to late to complete the short sale. But as a buyer just wait for it to come on the market as a bank owned property.
0 votes
Carrie Rolli…, Agent, Los Angeles, CA
Fri Feb 10, 2012
There are a few possibilities at this point:
Yes, others can make offers. The listing with the bank may be extended as well. The big question may be: will the short sale end in a foreclosure? All theses questions should be asked of listing agent. The listing agent should have a good read on the pulse of the bank...hopefully in good communication and have a targeted approved price point. Again, watch to see if foreclosure is around the corner. That may be whole new option for you as well.
Best of Luck,
Carrie Rollings
0 votes
John Walin, Agent, Libertyville, IL
Fri Feb 10, 2012
Old question, never updated...
0 votes
Carole A. Fi…, , Kailua Kona, HI
Sat Jan 28, 2012
After reading the answers below, I noticed that there wasn't one questions back to you...First anyone can make offers after the expiration but the question is who will be reviewing it? There are three possible agreements here; one between the home seller and the agent; one between the bank and the home seller and the third can be between the bank and the agent... yes the banks are now hiring agents directly to sell the properties during the short sale process.

Also in determining who will be reviewing the offer depends on why it is expiring... is because of the listing agreement or because the foreclosure title has been confirmed. Once the foreclosure has been confirmed in the Bureau of Conveyance (Hawaii) the property is reverted to the Foreclosure Department and no will see the property until it's listed in the active MLS.

Hope this helps... Mahalo
0 votes
Jack and Mel…, Agent, Reno, NV
Sat Jan 28, 2012
Dear Home Buying in San Diego,
Hopefully you have already closed on this home, but I thought I would answer the question in case other short sale buyers come across this post.
The price that the bank will accept is relative to the appraised value...the bank will order their own BPO and/or appraisal to determine "market value", and will either accept or counter your offer based on that information.

Your agent should be able to run the comps for your house to give you an idea of the current market value, so you have an idea of what to expect from the bank. In my opinion, it's safer to start a little lower (you can always go up in price if you want to), as long as you're prepared for a possible bank counter.

Listing agents may start the short sale at fair market value, but reduce the price periodically until they get a buyer, and that lower price may or may not be approved by the bank....

Hope this helps!
0 votes
George Torres, Agent, Chicago, IL
Sat Jan 28, 2012
I do hope the long wait is over and you have been approved to purchase. The term short sale is a misnomer since it averages 90 to 120 days in Illinois. Because of third party approval required you are not negotiating with the current owner but with the bank and ultimately their investors. It is pretty common for backup offers to be accepted & held due to the time to close. I hope you are working with a realtor because they will be able to give you comparables in the area and view the outstanding mortgage since that will also be a deciding factor.
0 votes
Terrence Nak, Agent, Northfield Center, OH
Sat Jan 28, 2012
By law a property is "on the market" until title transfers. During the time between an accepted primary contract an owner may accept secondary offers at any time subject to the collapse of the primary offer. When the lien holder, the Lender. is in a position to approve a "short payoff" they may deny the primary contract thus paving the way for a secondary offer to become the first contract.
0 votes
Angelina Mos…, Agent, Boston, MA
Fri Jan 27, 2012
I would ask the list agent if it is an APPROVED short sale and if so , what amount has the bank approved. That is the amount they will accept. Then they take into consideration deposit and close date and financing by the buyer. If it is not an approved Short Sale, the seller must sign the offer at whatever price they feel the bank may accept and then it gets presented to the Bank for their approval. Hope you got the home!
0 votes
Angelina Mos…, Agent, Boston, MA
Fri Jan 27, 2012
I would ask the list agent if it is an APPROVED short sale and if so , what amount has the bank approved. That is the amount they will accept. Then they take into consideration deposit and close date and financing by the buyer. If it is not an approved Short Sale, the seller must sign the offer at whatever price they feel the bank may accept and then it gets presented to the Bank for their approval. Hope you got the home!
0 votes
Don Breen, Agent, Naples, FL
Fri Jan 27, 2012
Most people think that because the home is offered as a short sale it will be a steal. The bank always does it's own appraisal and if the agent did not price it right the offer will be declined.
I feel if you truly want this house or any other house you should make your best offer and don't fall into the trap of some home buyers that they will steal the home.
0 votes
Terry Hartke, Agent, Liberty Township, NJ
Thu Jan 26, 2012
Heather did you get the home?
0 votes
Shelia and M…, Agent, Martinsville, IN
Thu Jan 26, 2012
It depends on how the listing was priced. If the listing was under priced you must offer the market price. Remember that the seller's lenders must accept this price. Always check the recently sold properties in the neighborhood.
0 votes
Mark Weissma…, Agent, Palm Desert, CA
Thu Jan 26, 2012
As others have stated, it depends on the seller (lender and their resolve. We have seen lenders approve or counter offers made even after an expiration date is denoted. At other times, the seller (lender) will move ahead to foreclose on the property. To obtain current values, it is important to obtain comparative information friom your Realtor in the specific area that the property is located in. Generally certified appraisers that research comparatives in the area will primarily look at homes tht have solid in the area for the past 90 days and that information can help better define what te comparative sale prices are. That's the informaton that the sellers (lenders) pay attention to when deciding to accept an offer, counter an offer or reject an offer. Other factors concern the condition of the property.
Web Reference:  http://markweissmann.com
0 votes
Fredrick Cen…, Agent, San Antonio, TX
Thu Jan 26, 2012
I have been looking at this question but still don't know if these people got the home??? Let me know, I am dying to know.
0 votes
Sherry Menard, Agent, Chesapeake, VA
Wed Jan 25, 2012
Hello,

I am a Advanced Short Sales Specialist and have worked with many banks. Usually the listing price has been approved by the bank already. Therefore if you have offered less than the asking price the bank will have to back track the shortsale process. It is possible that they may come back with a counter offer or just flat out reject it. You stand a better change with offering the listed price or slightly above that.
0 votes
Maggy Slavova, Agent, San Jose, CA
Tue Jan 24, 2012
It depends on how the listing was priced. If the listing was under priced you must offer the market price. Remember that the seller's lenders must accept this price. Always check the recently sold properties in the neighborhood.
0 votes
Mark Weissma…, Agent, Palm Desert, CA
Tue Jan 24, 2012
I believe that it would depend if the offer you made was signed by the current homeowners who are trying to complete a short sale. If the current homeowners signed it and then their Realtor submitted your offer to the lender then it's likely that the lender would evaluate your offer and either accept it or counter it if in deed the short sale was acceptable for the property under the lender's rules.
0 votes
Allison Fish…, Agent, Ann Arbor, MI
Mon Jan 23, 2012
I agree it would be nice to know how it all worked out for you.
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Sat Jan 21, 2012
Your question was posted in Sept 2011.

Heather maybe you can let us know, how did it work out.
Maybe all these answers may have helped your agent.
Web Reference:  http://Www.ruthandperry.com
0 votes
joshua swift, Agent, birmingham, MI
Thu Jan 19, 2012
Unfortunately yes. Back up offers can always be submitted on a short sale or any other type of sale in case the initial offer falls through.

What I have learned when representing a buyer interested in a short sale is to always use a separate short sale addendum that our legal team put together. It simply states that once our offer has been accepted by the SELLER the property will be marked PENDING opposed to CCS (Contingent Continue to Show) which takes the property off the active market and deters new buyers from looking at it and possibly putting in a higher back up offer that will most likely get accepted over yours since legally you must submit all offers to the seller. No agent or broker will ever waste his/her time showing a pending property. In the addendum it also states that my buyers 7-10 day inspection period does not start until the purchase agreement has been accepted by both SELLER and LIEN HOLDER(s) this ensures that my buyer can continue to look for other houses in the mean time just in case and not suffer any penalty like lose of earnest money deposit. I obviously wouldn't agree to these terms if I represented the seller but as a buyers rep it is your job to protect your clients and their money at all costs.

As for whether or not the offer of 194,000 is too low your agent should first check to see what the house's SEV (State Equalized Value) is to determine what the state has the value of the property listed at for tax purposes. Then conduct an extensive market analysis to see what the local market trends are and where the actual market value stands. Once that is complete it is a good idea to check the public records of the property and see what the outstanding note/mortgage is as well as how many liens the property currently has against it. Putting all that information together you should be able to determine how much of a loss the lien holder would be willing to take to avoid foreclosing on the property.

The worst thing you can do is go in blind, waste 3-6 months for the bank(s) answer only to find out that your offer and what the bank wants to net are way off!
0 votes
Alex Lopez, , South Florida, FL
Thu Jan 19, 2012
They can make what is called "backup" offers. You can learn more about short sales and the short sale negotiation process at http://www.priorityshortsales.com
0 votes
Lazaro Marti…, Agent, Sebring, FL
Wed Jan 18, 2012
This brings up a great point. As many already know a short sale listing price is usually not the price the bank is willing to accept it’s the value that the listing agent gave the property based on similar homes that have sold and are currently on the market. Once an offer is in place the bank or servicing company will solicit valuations from third party vendors that hire realtors to give them a valuation on the said property, this will give the mortgage holder a nonbiased opinion of value.
If you are in the market for a property and do not mind waiting on a short sale this is the advice I give my buyers when they are ready to place an offer. Using your example; you put in an offer lower than the listed price, these are the variables that will determine if you went to low or made a strong offer, first how long has the property been on the market, if the property has been on longer than 30 days there is a good probability you won’t be competing with other buyers, second is the listing agents price realistic. When an agent lists a short sale its vital that they are making sure that their listed price is in line with market value, if the price is to high it will lose the opportunity to be sold, to low it will bring in a buyer willing to dedicate the time to wait for a short sale approval, to be let down when the mortgagor counters for a higher amount or denying the approval of the sale. Before you make an offer on a short sale don’t focus just on the listed price ask your realtor to do a CMA on the property (Comparative market analysis) this will give you the true market value of the property based on the day you are making the offer. Make sure that your offer is supported by actual data.
0 votes
Ashley Terry, Agent, Atlanta, GA
Tue Jan 17, 2012
If the short sale is already pre-approved then the listing agent should know what the bank will and will not accept.
0 votes
Stacy Clark, Agent, Westbury, NY
Tue Jan 17, 2012
In most cases the agent is obligated by their fiduciary responsibility to the Seller to present all offers. Some lenders will entertain them all and other lenders will begin negotiating with the candidate(s) they seem to have the strongest possibility of completing the deal.
0 votes
Georgia Bell, Agent, Charleston, SC
Mon Jan 16, 2012
It depends on the lending institution that has the mortgage. Some will allow multiple offers until they make their final decision. Some will only allow one offer at a time. Please check with the listing agent and find out how their particular bank is handling it. Good luck!
0 votes
1 2 3
Search Advice
Search
Ask our community a question

Email me when…

Learn more