We have multiple offers, should we submit them all to the bank?

The banks do not require you to submit all offers to them to them for review and the sellers should not be accepting more than one offer at a time as that may increase liabilities. If you submit multiple offers it’s likely that you will confuse the bank. Typically they review the offer that is the most current offer that they have received into their system. The banks do not dictate which offer should be reviewed, but they review the offer which is requested to be reviewed. Submit one short sale offer at a time to the bank for their review for the best results. It is important though that the property is marketed properly and seller accepts the offer who they feel will get the transaction closed. The bank and investor on the loan will have the final say on if the offer is approved.

What Is A Good Short Sale Offer?

The highest purchase price does not necessarily mean it’s the best offer. You need to weigh out multiple factors. If the buyers offer is countered will they raise their offer? If there are additional liens is the buyer willing to contribute towards those liens? The best offer is typically a flexible buyer who is willing to cooperate with all parties, able to raise their offer, and able to close if the transaction is approved.

Short Sale Package

Need assistance in gathering a short sale package and negotiating the transaction with the bank? If so, please contact 1-800-692-9960 or fill out the contact form below.

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