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Hi Shari,
I'm not an agent but I'm a little curious,
If you are allowed to then, I'd say take a page from Nike and Just Do It.
Richard
Hi again Shari,
As I said earlier I'm not an agent but, I'd still have to ask if
There should be some way to work around this obstacle. I'm sure there are some really verse agents and experts on this site that can give you good advice, but I still believe they'll probably ask what the lender's ground rules are as well.
Richard
Shari,
Some agents on this site that comes to mind is Tracy Hatchell, Smitty, Brian Avery and Eric Mieles. They helped me out with my questions. Tracy's been working on short sells for 8 + years. I'm sure she's run into this problem before. It may be worth sending them a message.
Two different lenders--GMAC and Specialized. It's back on the market now.
So Jeff, you are saying don't tell lenders until I have a new buyer to substitute??
Here's one hitch...I think it's very interesting...the lenders approved this short sale just BEFORE last Friday when the state of CA put into effect a new law that states the lender can not make a prom note a condition of the short sale. Both of these approvals have prom notes. It could benefit the seller to start over.
It happens all the time. Banks know it. Just tell them. You cannot actually substitute another offer, but now you know what they will accept. For short sales, they want one offer turned in at a time. But, you can take a back up offer if you explain that it cannot be sent in unless the present offer does not close. Many times after 3 months, the bank will re-evaluate to a lower listing price for future offers.
The only time I may not tell them right away is if the buyer backs out just before you get final approval. For two reasons, sometimes the buyer will come back on board when there is a final approval, and also, it is helpful to know what the bank will accept for future offers.
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