03-25-2009 12:06 AM
Since the bank of the seller must "approve" the short sale to begin with does the seller have any say so over whose offer to accept?
I know someone who is trying to do a short sale with their lender. Let's say the bank approves the short sale. The approval simply means the bank is allowing the homeowner to sell the house for less than what they owe.
If I submit an offer that is within the approved short sale price can the seller (homeowner)select my offer over others?
03-25-2009 06:38 AM
On a shortsale, it is the Banks decision since they own the note and the Homeowner is trying to sell it to avoid foreclosure. The Bank makes the decision, not the Seller. The Seller will have to sign their signatures on the offer from a potential buyer, but in the end the Bank makes the final decision.
03-25-2009 11:12 AM
03-25-2009 01:43 PM
03-25-2009 06:28 PM
Stealing from the bank really Tazman?!? How is it stealing from the bank if they have the final say so anywhay? How is that playing games? Did you really read my question?? I was merely asking if the homeowner has any input there's a big difference of trying to run "game" and asking a legitimate question.
I don't even know the homeowner personally, I just know that the home will be up for sale soon.
So you and your "Moral Compass" should feel at ease.
03-25-2009 08:03 PM
03-25-2009 09:20 PM
Thanks for the info. I guess the banks are most concerned about their bottom line (which makes sense from a business standpoint). I guess in some situations it's best to wait it out and see if/when the property will become REO.
On another note it's kind of sad that some banks are unwilling to take offers that they think are too low, because it seems eventually they will foreclose and will have to sell it cheap anyway as an REO. This is too bad for the homeowner because instead of having a short sale to try and salvage their credit, the home is foreclosed and the bank will sell the home for around the same price anyway.