Welcome to the wild wild west.
I felt that I had a handle on things, that olnly lasted 4 minutes.
What is the best way? The contracts allow you to accept offer after offer until closing but is that smart?
Do you really want the bank to think there is a bidding war?
There has to be a happy medium, especially one where we are not "the court case" that answers my questions.
How do you handle these transactions?
I would think the bank should work with a single offer. They are going to get it really messed up if you have multiple offers and try to process them all. And with a short sale it is up to the owner of the house to accept the offer but the bank to approve the actual "short" I dont know how it works for your state or your contracts though.
Shane, I have some fears about advising my clients to turn down offers as they really could not care less. Most would rather get me a POA so they don't have to be involved at all. I really am concerned that a lawsuit will be what it takes to sort these transactions out. I have asked questions to the FAR attorneys and they say "depends on which attorney you ask"
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