05-25-2009 09:47 PM
In a regular sale, if a buyer submits an offer less than but close to what the seller is willing accept, the seller would usually counter offer. In short sales, I think the bank is often the party to convince. If the bank gets a short sale offer less than what they're willing to accept but close, do they use the same counter offer mechanism? Or do they just reject, and the whole process starts over?
I ask this because the latter would change the dynamics of the bidding process significantly. If the bank can only reject (and maybe weeks or months later), then a buyer would want to start the offer at a higher level to not waste their time. Any thoughts?
05-25-2009 11:05 PM
05-26-2009 02:34 PM
05-27-2009 11:56 AM
I suppose I would think of it as a counter ("We will give you the house only if you raise your offer by at least 25k"), but it is a very interesting situation.
I submitted the offer in the first days of March, and was given the bank's price range the 30th of April. Which is, from what I've heard, a pretty good turn around.