Bergen County NJ – The Stop Foreclosure Institute recently received a question from Beckie. Here was her question.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
“I need your help. I am trying to short sale my house. My lender is one of the largest in the country. We have been waiting for an answer on the short sale for six months now.
I finally received an answer last week in form of a counter offer to the price. The buyers had agreed to pay $315,000. However, my lender wanted $345,000. The buyer is not willing to offer any more money.
My realtor said he will try his best to negotiate at that price. Before I could send the comps to the lender, they ordered an appraisal. My realtor doesn’t think the house is worth any more than the $315,000.
We put the home on the market and received another offer for $341,000. We told the first buyer if he paid $345,000, then we would sell to him. He didn’t budge. So we accepted the higher offer.
In the meantime, our lender approved the original buyer’s offer at $315,000. That causes my dilemma. The bank’s representative suggested that we not submit the higher offer so as not to rock the boat.
Do we sell to the original buyer who has been waiting to buy the home for several months or sell to the new buyer paying the higher price? Beckie.”
Here was our answer to Beckie’s Question. I don’t personally think that you are morally required to submit the higher offer to BOA.
But, it will help you reduce the amount you owe to your lender and any potential income taxes owed
Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at jlockard@remax.net. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, James Lockard.
James is a Real Estate Agent at RE/MAX Properties.
Phone: (201) 825-6600 x 343 Cell: (201) 674-3114. jlockard@remax.net
View My homes for sale at www.BergenCounty-Homes.com.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.
James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor
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Important Notice
James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Lockard’s personal views and do not reflect the views of RE/MAX Properties.
This information on Bergen County Short Sales: Which Buyer’s Offer Should I Accept? is provided as a courtesy to our viewers to help them make informed decisions.
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3 Comments on Bergen County Short Sales: Which Buyer's Offer Should I Accept?
Hi James, I understand the issue of not wanting to " rock the boat " but is there nothing which requires disclosure of the existance of a better offer ???
Such a dilema as often for a short sale realtor! I believe you have to get the bank and homeowners decision in writing. Good real life scenario. Thanks for sharing. Kristine :)
Bill, In this case it was the bank who said not to rock the boat.
I don't know the whole story but to me it would depend on where the seller was in the process of acceptaing the second higher offer. If they signed the contract then I would think the seller would have to go with them. If not, give it to the first buyer, everyone agreed to the offer.