There is quite a battle going on for an answer to the question "Should more than one offer be sent to the Sellers Bank for Approval on a SHORT SALE." The key point many are missing is the sale is not between the bank and a buyer but the buyer and the current home owner who needs thier banks approval to sell for less than they owe.

The Home Owner and their EXPERIENCED SHORT SALE AGENT should look over all overs and not just choose the best price but the one with the best terms. An offer saddled with lots of contingincies and a higher price has a substantially lower chance of being approved than an offer without a home inspection or other contingincies.

The best offer should be submitted... not all of them, Submitting more than one offer often results in rejection.





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Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.

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17 Comments on WHY are you submiiting so many Offers to the Bank for a SHORT SALE?

JUL
09
1,522,297 Points 275 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Good morning, Scott.... good advice as always for short sale agents who have received multiple offers on a short sale listing....
5:16am • #1
706,828 Points 56 Featured Posts Outside Blog Called Shot Master

Thank You for the comment Barbara, with multiplke offers on most new listings within days, it is important to know how to handle them on a short sale.
5:23am • #2
587,113 Points 46 Featured Posts Outside Blog Called Shot Master

Good morning Scott -

If I know there is multi offers I suggest my buyers go with their highest and best.  Then I try to prepare them for the wait.  Always a tough situation.  Suggested.

Have a productive week.
7:20am • #3
706,828 Points 56 Featured Posts Outside Blog Called Shot Master

Thank You for the comment and the SUGGEST John
8:09am • #4
730,953 Points 103 Featured Posts Outside Blog Called Shot Master

Hi Scott - The seller is not the bank - that's not exactly a minor point you raise here. And getting the right offer to the bank for approval is just one of the many points of expertise an agent needs to provide to the transaction.
8:16am • #5
706,828 Points 56 Featured Posts Outside Blog Called Shot Master

Dick thanks for seeing my key point, it some how gets over looked with some. Having an agent who is well experienced in short sales is a must for success.
9:12am • #6
689,016 Points 22 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Maybe by submitting multiple offers Scott, an agent feels like they don't need to make any decisions, just let the bank deal with the issues.
9:41am • #7
706,828 Points 56 Featured Posts Outside Blog Called Shot Master

AL that is the quickest way to a rejection, the bank doesnt want to make any more decisions than they need to. The banks decision is how much will they net and are there any contingincies that could kill the short sale if the bank did accept.
9:45am • #8
1,445,412 Points 26 Featured Posts Outside Blog Called Shot Master

Very good advice.  It is difficult to understand why so many agents are not familiar with the short sale process.

Have an outstanding week with your camera in hand.
11:11am • #9
706,828 Points 56 Featured Posts Outside Blog Called Shot Master

Thank You for the comment Roy, many have geard, but not many have experience completing one. the problem is short sales require alot of time, patience and knowledge that on the job training or trial and error often lead to a rejection of the short sale and foreclosure for the owner, so an experienced agent is a MUST.
11:15am • #10
1,528,078 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

I've never understood submitting multiple offers on a short sale.  Though I did have a lender once who asked me to send them all unsigned by the owner so they could review.  They selected one and then the short sale was never approved. 
7:15pm • #11
JUL
10
119,566 Points 1 Featured Post Outside Blog

Great post Scott. All too often we have agents involved in short sales who never should be. What many do not realize is that if you fail in a short sale the chances are strong you will financially devastate that family for years to come.
6:26am • #12
706,828 Points 56 Featured Posts Outside Blog Called Shot Master

Cindy it is a recipe for failure, the banks cant take care of the minimum nevrmond ask them to be judge and jury to pick offers. 
6:33am • #13
706,828 Points 56 Featured Posts Outside Blog Called Shot Master

MIKE most home owners and agents do not consider this which is unbelievable. Devestaion is correct... Choosing a well expereinced local and full time agent gives the home owner an advantage.
6:35am • #14
JUL
12
590,765 Points 62 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master
The point too many ignore is that the only offer a bank should work with is the one the seller signed. If they've signed them all, there is your proof that the agent is inexperienced.
6:07am • #15
265,492 Points 3 Featured Posts Outside Blog Attended Rain Camp

Banks have enough trouble in processing the best offer that they get. If they get more than one offer, it will only confuse the issue – and confuse the short sale lender – and lead to longer processing time.

If the agent cannot determine the best offer to submit, how would that agent figure out how to advise any client on any transaction about which offer is best in a multiple offer situation?
9:22am • #16
JUL
13
Outside Blog

As a Short Sale Agent, you can only send One "accepted" offer to the Bank to approve.  You can, if asked and approved by seller, let the Bank know that there are backup offers.  The Seller can only sell the home to one buyer , you and the seller must decide which offer is the best one.
3:15pm • #17


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Scott Godzyk, One of Manchester NH's Leading Agents

Manchester, NH

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Godzyk Real Estate Services

Address: pob 4783, Manchester, NH, 03108

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Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Sales, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.


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