News, articles, and advice for Maine real estate licensees, loan officers, and all professionals who assist the consumer in the real estate transaction.
| Posted by: | Kim Fowler |
| Kim's Website | Kim's Post Archive | |
| Posted on: | June 29th, 2009 at 7:18 am |
| Filed under: | Ask The Experts, Goals, Maine, Mortgage and Lending, Real Estate, Real Estate Education, Real Estate Laws, The Real Estate Learning Group, Your Real Estate Business |
Short Sale Confusion
In a short sale situation there has been a lot of confusion as to whether or not more than one offer should be submitted to the bank. Ultimately that decision is the property owner’s decision alone. All we can do as real estate agents is advise our seller clients of the ramifications of submitting more than one offer to a lender. In my experience, (successfully closed 26 in the past 18 months), it is in the Sellers’ best interests not to submit more than one offer at a time to a lender. Due to the overwhelming workloads at the banks in handling short sales when an additional offer is submitted it tends to bog the process down and can even in most instances start the whole thing over from scratch! It’s important to have a discussion with your seller clients as to the possibility of this happening. In most instances my sellers have decided to hold additional offers as back-up offers if the buyers are willing to agree to this situation.
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