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Actively Loo…, Home Buyer in 20910

We have have submitted an offer on a short sale, which has been approved by the seller, but awaiting bank approval. It is now past the deadline for

Asked by Actively Looking, 20910 Tue Feb 2, 2010

We have have submitted an offer on a short sale, which has been approved by the seller, but awaiting bank approval. It is now past the deadline forapproval, stipulated in our contract. So, we have begun looking at other properties. We are thinking about putting in an aggressive offer on another property, which may not be accepted. If this aggressive offer is not accepted, we would still like to continue pursuing the short sale property.

If we do put in this offer, can we wait until it is accepted before withdrawing our offer on the short sale property or do we have to first withdraw the short sale offer before making an offer on a different property?

Thanks.

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Answers

7
You should always withdraw one offer prior to putting in a new offer.
1 vote Thank Flag Link Tue Feb 2, 2010
Very good question. Once any of the terms of your original contract have expired you technically are not obligated by the contact any more. You may place an offer on another property right away. The problem will be if both offers come back as approved and the old one is much sweeter. You would be obligated to the new contract as they ratified it with the contact guidelines. I am not an agent but have bought many homes, both investment and personal. In this market my best advise is make sure you are insulting someone. Meaning low balling all of your offers. Personally I would pick my 3 favorite properties. Then pick my favorite of those three. One by one make offers and keep going til you get what you are looking for. Now, I do recognize this take all of the emotion out of the process! But please recognize the less emotion the better the buy! I
1 vote Thank Flag Link Tue Feb 2, 2010
TWO YEARS OLD!!!!

Quite expired
0 votes Thank Flag Link Sat Jan 26, 2013
Unfortunately, you would have to withdraw the offer on the short sale first but could then always resubmit if the next offer didn't work out.
0 votes Thank Flag Link Sat Jan 26, 2013
Hi,
You can put as many offers in as you like, but It is not recommended to have more then one offer because you could be held liable for fulfilling both contracts. However, depending on the initial terms in your short sale offer, ie. settlement date, if any terms are changed in the final approval letter, you have the right to void and cancel your initial offer. Make sure you read your offer.

Furthermore,
You can write a contingency in your new offer which states the contract will not become fully ratified until you withdraw your previous offer on the short sale. The new seller, Im sure, will want a short deadline to have the short sale offer withdrawn.ie 24 hours.

Good Luck
0 votes Thank Flag Link Tue Feb 2, 2010
Since your deadline is passed, there is no reason you can't submit an offer on another property. Assuming you have the right inspection contingencies in place, you will also have no problem getting out of the contract if you get into the enviable position of have both offers accpeted.

In any case, always act in good faith, don't purposely mislead anyone, and you will be fine.

Best of luck.
0 votes Thank Flag Link Tue Feb 2, 2010
your buyer's agent should be able to navigate you through this thorny issue, which, by the way, many buyers have these days. in short, people play the game of submitting multiple offers and hoping for a response from one, given the delays associated with short sales. the four corners of each contract will govern your respective rights and obligations.

Brian Gormley
Attorney, Broker
443.739.7993
0 votes Thank Flag Link Tue Feb 2, 2010
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