Okay agents I need some consensus here. What do you do when you have 10 offers on your short sale listing? If you tell the bank don't they figure you have it listed way too low and reject all offers? What do you do when you are 4 weeks into the approval process and you get a better offer? Our contract is with the seller not the bank right? Please help clear this up.
Better Properties Seattle - Kirkland, WA
Every area is different. You work for the seller and the seller may have to pay the difference between their loan and the sale price. Highest possible price is still the order of the day. The seller is the one who is selling short and it is their call as to what to do. Of course the addendums are important as well. If a buyer is in contract, does your contract allow you to pull out in favor of a higher offer? Do they have first right of refusal to match that offer?
If the property is ready to close, is it fair to the buyer to pull the rug out from under them at the last minute?
There are no easy answers.
1) look at the contract and what it provides as far as offers received while in escrow
2) It is the owner/seller's call...not yours
May 29, 2008 07:56 PM
Prudential Verani Realty - Nottingham, NH
NH Real Estate Professional
Tough call but as well stated above the Seller gets to make the call as long as they are acting within the parameters of the contract they signed. 10 offers - wow.
May 29, 2008 09:02 PM
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
NICE! The contract is with the seller subject to bank approval. Have them pick the highest and best or counter the one most likely to close!
May 30, 2008 12:47 AM
Tarbell, Realtors - Yorba Linda, CA
Yorba Linda Real Estate
Ardell - Thanks for the insight
Judy - 10 offers makes me think I priced it too low...hope the lender disagrees
Renee - Exactly what I did!!! Thanks.
May 30, 2008 07:49 PM
Rainer
27,876
27,876
David Bennett
Yorba Linda Real Estate
Real Estate Resources
Recent Posts
Real Estate Market Trends
almost 15 years ago
Comments(4)