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Answers (4)
Best Answer
- Lumi Ispas, "Lumi Ispas"
- Contributions:203
Ali,
If the seller has taken earnest money from the buyer, he is in a binding contract and can't submit another offer to the bank unless this offer is either rejected by the bank or the buyer walks away from the deal.
Also, most banks work with only one offer at a time, meaning that when another offer is sent to them, they will have to dismiss the offer that they have in the system and start the process all from the beginning and work with the new offer.
It will be difficult for you to send the offer to the bank from several reasons:
Number 1: The seller has not accepted/signed your offer, therefor you don't have a valid contract.
Number 2: Without the listing agents support, you won't know where to send the offer.
Number 3: Without consent in writing from the seller, the bank will not discuss this new offer with you or your agent.
My advice is for your agent to keep in touch with the listing agent and let him know that you would want your offer to be kept as a back up offer and keep calling on the listing agent often. I've seen a lot of short-sales offers cancelled from different reasons and the back up offer becoming the winning contract.
Good luck to you,
Lumi
If the seller has taken earnest money from the buyer, he is in a binding contract and can't submit another offer to the bank unless this offer is either rejected by the bank or the buyer walks away from the deal.
Also, most banks work with only one offer at a time, meaning that when another offer is sent to them, they will have to dismiss the offer that they have in the system and start the process all from the beginning and work with the new offer.
It will be difficult for you to send the offer to the bank from several reasons:
Number 1: The seller has not accepted/signed your offer, therefor you don't have a valid contract.
Number 2: Without the listing agents support, you won't know where to send the offer.
Number 3: Without consent in writing from the seller, the bank will not discuss this new offer with you or your agent.
My advice is for your agent to keep in touch with the listing agent and let him know that you would want your offer to be kept as a back up offer and keep calling on the listing agent often. I've seen a lot of short-sales offers cancelled from different reasons and the back up offer becoming the winning contract.
Good luck to you,
Lumi
- Ali2012
- Contributions:12
Lumi,
Thank you very much for your clarification. For this house, I think I put the much higher offer, but the seller went with the other offer based on the strength of the mortgage. My question is, is there anyway that the bank know that it is a back up offer is sitting on the table.Thanks
Thank you very much for your clarification. For this house, I think I put the much higher offer, but the seller went with the other offer based on the strength of the mortgage. My question is, is there anyway that the bank know that it is a back up offer is sitting on the table.Thanks
- Lumi Ispas, "Lumi Ispas"
- Contributions:203
In a short-sale situation, the seller still owes the home and not the bank. Because the seller owes to the bank more money that the property is worth, the seller will request the bank's approval in selling short of paying off the mortgage, meaning doing a short-sale.
An offer has to be accepted and signed by the seller first before it can go to the bank. In the highly unlikely situation that the seller will allow your side to send the offer directly to the bank, you will still need an "Authorization to release information" form signed by the seller for the bank to discuss information about the seller's situation and the offer with you and/or your agent.
If your offer is accepted and signed by the seller make sure your agent knows who negotiates the deal with the bank and stay in touch with that person. Good luck!
- Michael Emery, "MikeEmery"
- Contributions:7296
If yours is the offer that the buyers have accepted, the listing agent would forward your offer to the owners bank for approval.
If you are writing an offer on a home that already has an accepted offer, your offer would be a back up offer - assuming the sellers accepted your offer.
Until the home goes into foreclosure (if it even does) the home is still owned by the homeowners and they control the process.
If you are writing an offer on a home that already has an accepted offer, your offer would be a back up offer - assuming the sellers accepted your offer.
Until the home goes into foreclosure (if it even does) the home is still owned by the homeowners and they control the process.
For a short sale house which is under contract, can we submit our offer to the bank?
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