BACK UP OFFER
CAN SOMEBODY CONTACT ME REGARDING A BACKUP OFFER AND EQUATOR I DO NOT UNDERSTAND WHY BANK OF AMERICA IS STALLING THE SHORT SALE
Replies to This Discussion
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Permalink Reply by Smitty on
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You didn't submit the back up offer in Equator did you? You should only be working on one offer a time. There can only be one executed offer being worked on.
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Permalink Reply by sofy bark on
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i did not do the equator yet because there is a contract on the place i'm the back up......
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Are you a buyer or an agent? I'm confused. If you are backup, they need to exhaust the effort with the first buyer before they work on your offer.
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i'm a buyer.........thank you ...exhausted means they try as many times as they can......i thought when they reject the first offer they go to the second..
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Permalink Reply by Jeff Payne on
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Sofy, you are the backup buyer but need to understand that means nothing at all until the first offer is dead. It is not possible to submit more than one offer in equator at one time
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You cant because you are not authorized. your offer is not going to be sent to the lender until after the first offer is dead and gone. Remember that you are in a back up position and really have to wait to see what happens with the first offer.
Where is your agent?
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Permalink Reply by Jeanette Becker on
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This latest post seems to this blog seems to be a repeat of my Feb 1 post, but in discussing this with my broker, he said that I should advise the bank of a second higher offer and advise the bank to reject the first offer. That this is my obligation to my seller and the bank to give them the best offer. Another option is to advise both parties to present their best and highest. The bank has had the first offer since the end of January and we have not heard from any negotiator yet. Just wondering...
The short sale addendum to the purchase agreement says 'unless otherwise agreed in writing, Seller may continue to market property despite acceptance of buyers offer, and present to short sale lender any additional offers that are received on property.'
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Jeanette, I don't care what the short sale addendum says. You need to look up tortious interference if you intend to submit the second contract because you can be sued every which way you turn. I would NEVER submit a second offer until I had a denial for the first in hand, and even then I MAY go back to the first buyer (if it was a matter of price) and allow them to up their offer.
You are trying to treat this sale different than a regular sale. DON'T. Your responsibility is to the seller only...not the lender. You walk a very risky line if you start submitting multiple offers because both the buyer AND THE SELLER can sue you if something goes wrong.
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Thanks! I was asking my broker if this addendum was out of date and out of touch with the current short sale process. He said this clause was to protect me! This is why I like to bring these arguments to this group to assure that I always do the right thing for my clients. I don't think anyone else understands these issues like this group..
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Smitty is correct. The seller can only sell to one person just like a regular sale. The bank is there to release the lien, if the first offer is not enough for them, they will not accept the sale, at that time the first buyer has the right to raise the offer and if they do not, the bank can then go to the back up offer.
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