- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (13)
- Nicaury Miller, "Home Styles Realty"
- Contributions:51
Short Sale means the owner does not get anything and the bank is short on the money they gave the homeowner. She can ask for more money but it must be on the contract.
Nicaury Miller
- James Berman, "TheNJRealtorGuy"
- Contributions:198
You got a lot answers but from just about 15 years of experience, any funds transferred outside of the contract of sale of for the home is illegal, not just local but federal. As for the 1st part, lets define what we mean by agree to the offer, As in most short sales the seller can not afford the loan payments and is selling to avoid a foreclosure. So the real question is why would the seller not agree to any sale that banks gives its ok? What advantages or gains does the seller have by waiting for the home to be foreclosed on? We can list few, a year or more of no rent or mortgage payments, no taxes and the damage to the their credit is already done? Additionally, in NJ you have window of opportunity to buy the the home back after the the sheriff sale for the sale price.
James Berman
The NJ Realtor Guy
James Berman
The NJ Realtor Guy
- sunnyview
- Contributions:25127
No. If the seller asks for extra money not included in the contract sent to the bank, it's fraud.
- Poonacha Bollera, "Poonacha"
- Contributions:41
Yes the seller has to agree. There are a lot of factors to consider in a Short Sale.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
No
- Robin Gilman, "RobinGilman"
- Contributions:538
No. The seller is selling the home for less money than owed to the lender who must approve the sale for the amount being offered by the buyer. If a seller is asking for "extra money" outside of the price being offered and accepted by lender on the home, that would be fraud. The transaction as with any real estate transaction must be legal and above board. Be careful and do have an attorney review all documents.
- Richard & Tia Morrow, "The Morrow Team"
- Contributions:42
A seller does not have to accept any offer, at any time. If there is an offer for a property and it is in a short sale status, the seller will have to agree to the terms before the deal can proceed.
- Richard & Tia Morrow, "The Morrow Team"
- Contributions:42
Yes, the seller has to concede to the terms of a short sale because they are still owners of the property.
- JoEllen Ufner - ABR,GRI,SFR, "jufner"
- Contributions:397
Yes the seller and the lender....seller must agree as they will be 1099ed or asked to sign a promissory note in most cases.......
- LindseySells07470
- Contributions:52
The seller has not turned over full ownership to their bank while performing a short sale. These transactions are tricky due to the # of hands in the cookie jar, so to speak. Being that they still have title and deed in their name not only does the seller have to agree to sell the home but the bank must agree to allow them to sell the property for less than what is owed to them. If you are working with an agent have them inquire as to the status with the bank: 1. Do they have a negotiator 2. Has the paperwork been submitted to all lien holders involved and a BPO been performed. If the BPO is in place then the sellers have a good idea of what the bank is willing to accept and the agent maybe able to convey that number to you to further evaluate if you really want this home. Short sales can be lengthy and they are considered to be "as-is" sales.....best of luck
- Fydell
- Contributions:514
In a short sale the house is listed for less than the amount owing on it.
Before the bank owning the mortgage will approve a short sale there has to be a fully executed contract between the seller and a buyer.
So the list price and any acceptable offer has to take into consideration the amount owing on the mortgage.
One thing is certain with a short sale. Under no circumstances will the seller leave the closing table with any money.
Before the bank owning the mortgage will approve a short sale there has to be a fully executed contract between the seller and a buyer.
So the list price and any acceptable offer has to take into consideration the amount owing on the mortgage.
One thing is certain with a short sale. Under no circumstances will the seller leave the closing table with any money.
- wetdawgs
- Contributions:26804
No, the seller does not have to agree to an offer, but they don't have the right to request money outside the contract.
- Ofe Polack, "Ofe Polack"
- Contributions:1417
Please, be a little more specific. The home is owned by the seller on a short sale, so the seller must agree with the offer. I do not understand the other part of your question, extra money outside of the price of the house? like what?
Does the seller have to agree to the offer on the house if it is a short sale?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.