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Multiple offers on a short sale listing

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.

Posted by David Bennett Yorba Linda Real Estate on 05/30/2008 02:46 AM

Comments (4)

short sales, reo, yorba linda real estate, yorba linda, orange county, orange county real estate, bank owned

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4 Comments on Multiple offers on a short sale listing

MAY

2008

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

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.