Asked by Matthew, 03062 • Thu Sep 25, 2008
I just made an offer on a short sale. There is already an offer on the table that is being considered by the bank and there is another offer waiting. I know that both of the offers are "strong" but both are below asking price. I really liked the place so I offered the full asking price of $150k. I am pre-approved, bringing %5 down and have no contingencies.
Now I have a bunch of questions: First; is there a time period within which I should expect to hear back from the bank about the status of my offer? Second; as I understand, the bank is not going to consider my offer until it makes a decision, or the buyer backs out, on the current offer. That doesn't really make sense to me? Will my offer not be seen until something happens to the offer on the table? Third; It's the lender's attorneys that are making the decisions on the offers right? Why wouldn't they react quickly to someone who has just offered full asking price?
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