If SS approved by BofA and I have a buyer with a much higher offer, does homeowner have to take the lower approved offer?

Hey Gang,

Anyone run into this dilemma? I may have a SS where the initial submitted offer is much much lower than an offer that recently came in. What happens if the lender approves the sale price of the lower offer? I doubt that they will approve the lower offer but what if? Does the homeowner have to go through with the sale at the lower price?

It's still in Phase I. BPO completed.

Any thoughts?

Thanks!

Mako

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Update: The bank rejected the low-ball contract. I submitted a second contract which was accepted and closed it last week. It took 2 months from submission of the second contract until closing. Thanks gang! You Rock!

James ferebee jr said:
1 offer at a time should go to bank, if you have an approval close it.
Done end of storry...

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