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Is the reserve price on an online auction, the price that the Short Sale lender will approve.....?

....We submitted an offer on a Short Sale home a few months ago and 2 months later, the sellers agent says that the lender wants the home to be put on an online auction so we went on the online auction and met the reserve price so is the lender most likely to accept this offer this time? And this is an all cash offer as well.
  • October 08 2013 - US
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Answers (2)

That is a possibility. It must have been a Nationstar short sale, I have noticed they are doing this on a lot of short sales. Please be aware that there is a Buyer's premium (5%) that you must pay on top of the offer amount you made when buying a house through the online auction (www.auction.com). 
  • October 08 2013
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Profile picture for wetdawgs
A reserve price is a minimum bid price.   Whether or not they'll accept a bid at the minimum price is up to them.  (Maybe, maybe not)
  • October 08 2013
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