My fiance and I submitted an offer for a home in Stockton, CA about 2 weeks ago. The home is a short sale and we were told that the seller signed and accepted our offer and the offer was being sent to the lender for approval. Does the seller have the option to send in additional offers into the lender even though the seller notified us that ours was accepted and sent to the lender?
Offers on short sales usually have verbiage that stipulate all offers accepted by the Seller is not binding until the lender approves of the sale. Check your contract for wording to that extent.
I saw this great article that explains in detail short sales and how to get the best deals here http://www.crystalclearmarket.com/?p=193
The article is well written and simply put. Short sales are tricky business and you need to know what you’re getting into.
Hope this helps. Good luck to you.
Elliot Lau, Realtor of 22 years.
March 1st, 2010 at 6:15 pm
It would not be wise to do so without obtaining a legal "weasel clause" from an attorney. The seller could find themselves legally bound to 2 offers.
The seller could sign 1 additional offer as a "back up offer" in the event your offer is not approved by the bank.
If sent to the bank and they review & find the 2nd offer to be more beneficial, the bank could not approve your, but approve the 2nd one. This would not be a typical scenario though.
References :
March 1st, 2010 at 6:24 pm
Offers on short sales usually have verbiage that stipulate all offers accepted by the Seller is not binding until the lender approves of the sale. Check your contract for wording to that extent.
I saw this great article that explains in detail short sales and how to get the best deals here http://www.crystalclearmarket.com/?p=193
The article is well written and simply put. Short sales are tricky business and you need to know what you’re getting into.
Hope this helps. Good luck to you.
Elliot Lau, Realtor of 22 years.
References :