Boy I amazed at some of these answers!
A seller wants to get out of the house and move on with his life. He is not making any money on the sale, I would not serve the interest of the seller and totally disregarding why the seller is doing a short sale. He wants to get out of a mortgage that is worth more than the house is worth! He does not want to be held accountable for any outstanding debt after the house is sold.. THIS IS THE Purpose of the short sale to a seller!!!
The answers below are disregarding the problems the seller is undoing!!!!!!! The listing agent is willing to gamble a sale if he insists the Seller reject the offer that any serious buyer would want in the agreement
On the buyer side, He wants his offer to be taken seriously! He does not want to wait and sit around and wonder if others are placing bids on his offer!! ; as the agent representing the buyer. I would not have him make such an offer without the seller not accepting that no backup offers are beingmade or the house is open to other to place bids on!
Use common sense. A S A BUYER, WOULD YOU WANT A SELLER TO MAKET THE HOUSE TO OTHERS, WHEN YOU WENT THROUGH THE TROUBLE OF MAKING AN OFFER? This could lead to delays and anxiety to the buyer.
Wallace again,look at both side buyer and seller. Understand why they are doing what they are doing. Would you want to gamble on another buyer, if you have a solid buyer, and proof of good finances, to reject the offer, and keep the house on the market! This only can possibly lead to possible foreclosure and not helping the Seller, with his needs or purpose.
As for the Seller bank, they are most likely going to check out the buyer preapproval letter, see if thereâ€™s going to be any problems in their financing the property, before accepting the agreement between the buyer and seller. It is more than price of the offer agreed to, which is the interest of the buyerâ€™s bank, since the buyer bank is giving the promissory note on the property and would be no more than what the bank appraised it at.
Also, if the seller bank sees the house is off the market to others, they will be more incline to answer the offer sooner and likely asked for more information on the buyer finances which has happen to me, for strength, before accepting the offer between buyer and seller.
Again, this is a good time to pick an agent, Make sure you hire a Realtor that sees and understand your needs and the purpose and needs of both Buyer and seller.
Thank You Wallace
Ron ( Realtor Ron W) Wolchesky
Ronald ( Realtor Ron W) Wolchesky firstname.lastname@example.org C: 239-209-1923: H: 239-349-4684
License in Florida / Short Sale & Resource Certified (SFR