If you are the listing agent on a SS and you get an offer that has a tight closing (45 days)...and the buyer is unwilling to make it more reasonable, do you recommend your seller reject the offer to keep it active, or accept it anyway to get the ball rolling?
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Depends, sometimes you need an offer, any offer, just to get a BPO. Make sure you continue to ask for backups.
Janis, of course you need an offer but why would you want to tie up the property with an offer that you know will never be accepted, especially if you have a buyer who you know will not raise their price if countered? Back ups are great but how long is that back up going to wait while the low ball offer gets shuffled around on the negotiators desk. A BPO is worthless after 90 days with most lenders and most take that long to review the back up offer after the first buyer walks so you waste alot of time by submitting just any offer
I believe in submitting an offer that makes sense and one that we believe has the best chance to get approved instead of throwing as many as we can against the wall and hoping that one sticks.
I have the seller counter offer the close date. The last thing you want to do is make a buyer think that you can close in 45 days. If a buyer MUST close that fast, they may want to look at non short sales. Even most REO won't commit to closing in 45 days now