Comment

Comment by Katerina Gasset on October 20, 2009 at 3:24pm

It depends on what you say on your mls as to how you treat multiple offers. You need to do what is best for your seller. I would not jinx it either!

Comment by Mori Langshaw Sr on October 20, 2009 at 3:23pm

Dana,
I cannot stress enough that the "highest and best" is NOT the agents job in a short sale situation. That is the traditional sale! (I know Bryant disagrees). But you are doing your distressed homeowner a disservice by trying to get the "highest and best". The goal, the job, your role as a short sale agent is to GET THE PROPERTY SOLD!

Having said that, I have taught many short sale seminars and have done many short sale deals and one of the things that resonate in my seminars are that BANKS ARE STUPID. Because of that, I never present more than one offer (at a time)......

Comment by DanaVoelzke on October 20, 2009 at 2:29pm

Hi, I have a question regarding the proper conduct of multiple offer situations...for short sales.

Listing on the market for 2 years. We are on our third offer, and this one is finally working and not going to fall apart (i hope). Just to prove that the universe works in mysterious ways, we got a 2nd offer out of nowhere that was a few thousand less. When I told them there was a higher offer that the bank was already evaluating but had not yet approved, they went over the asking price. I probably would call for highest and best without thinking about it too much, but I don't want to jinx the first offer for the people who were already waiting. I have an obligation to tell the bank about the higher offer, and I will but perhaps I could go back to the first people first to get them to match it. What do you think?

Comment by Ryan Diedrich on October 19, 2009 at 4:48am

Mori,
dpends on how they do it but it is usually a personal judgement against you allowing you to file on the lien.

Comment by Mori Langshaw Sr on October 19, 2009 at 12:43am

@ Ryan below. You can file BK against the IRS?

Comment by Bryant Tutas on October 18, 2009 at 12:57am

Bob, An FHA short sale can be "pre-approved". FHA does an appraisal prior to the property be listed and will come back and give you a list price. There are also some smaller banks that may give you an approved price. But as a whole there is no such thing as an approved short sale.

Comment by Karla Leahy on October 17, 2009 at 4:15pm

Great article Bud. I always wondered what the repercussions were for short selling your home. I encourage sellers to speak with a CPA to discuss their liabilities of short selling.

Comment by Bob Sluys on October 17, 2009 at 2:57pm

I see agents advertise their "pre-approved short sale"!! . . don't banks require an offer before they will approve a sale? How is this done? Thanks!

Comment by Bryant Tutas on October 17, 2009 at 1:00pm

Alan, Usually you need to have an offer. If you do call the bank and ask. It's good to have a data base of investors for just this purpose.

Comment by Alan Nguyen on October 17, 2009 at 12:02pm

Hi all, is it too late to stop an auction sale with a short sale within 4 days? I know it takes time to get a short sale package together in this short period of time. Thank you.

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