"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. If the short sale lender does not like the first offer, then we will submit the next offer. But, if they accept the first offer, then we recommend that the seller go with that one to honor the first buyer. That buyer has waited the longest and deserves to be rewarded for their patience.
Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Moorpark loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this,
Chris B Johnson.
Chris B Johnson is a Realtor with Prudential California Realty, Berkshire Hathaway HomeServices .
Certified HAFA Specialist, Certified Short Sale Negotiator
View My homes for sale at www.ChrisBJohnsonRealtor.com.
Chris Johnson specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Moorpark CA Short Sales. Moorpark Realtor. Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved. Important Notice Chris B Johnson,Prudential California Realty, Berkshire Hathaway HomeServices , and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit. However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale. The views expressed here are Chris BJohnson's personal views and do not reflect the views of Prudential California Realty, Berkshire Hathaway HomeServices . This information on Moorpark Short Sales: How Do You Handle Multiple Offers? is provided as a courtesy to our viewers to help them make informed decisions.