Bellevue WA – The Stop Foreclosure Institute recently received a question from another agent. Here was her question.
“I have a short sale listed. At what time in the short sale process do you stop accepting additional offers for submittal to the lender? If you accept another offer after you’ve already submitted one to the lender, does it reset your timeline to the beginning?
Do you just put them in backup position? What about the poor buyer whose offer was submitted and has already been waiting for weeks for lender approval?
Do you allow them to match the higher offer? You guys have so much experience, how do you handle this? Thanks! Diane.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our answer. It all depends. We like to stay with the original offer if possible. But, we don’t always do that. It all depends on what the seller wants to do.
If the bank is asking for a deficiency or promissory note, then the seller may want to submit the higher backup offers. We run this for the sellers and not the buyers benefit. We feel that it is our job is to represent the seller. Click here to continue reading.