inform bank we no longer have an offer?
Bank has now started processing our short sale but we no longer have an offer on the table. Bank asked if we had an offer and if not what was the status? i let them know we don't have an offer but status is active and will forward one when another is offered. My broker believes i should never have told the bank this and to make the bank believe we still had an offer so the process wouldn't start and we would get a number from the bank. Since then we have lowered the price on the home since prices have declined since the previous offer. Help! what should i have done?
Replies to This Discussion
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Permalink Reply by Pam Graham on
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I agree with your broker. It can help get the process started so you know how the bank handles the short sale and it could speed it up for the next contract.
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Permalink Reply by Wendy Rulnick on
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Karla - If they asked I would have told them the offer is off the table.
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Permalink Reply by Bryant Tutas on
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Karla, I'm with Wendy. I don't volunteer the information but if asked I tell the truth. You handled it properly.
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Permalink Reply by Pam Jank on
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Karla,
It's not information I would typically volunteer while getting the short sale process started. However, once the question was asked by the lender, you were obligated as a Real Estate professional to answer truthfully. You did the right thing. You handled it with integrity. -
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Permalink Reply by Karla Leahy on
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Thank you all so much for your feedback. i feel so much better now knowing i did the right thing for my seller.
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