Ah-Ha of the Day – Short Sale – Multiple Offers

Note: Ah-Ha of the Day was created with the real estate professional in mind, but may be applied in other industries and provide great information for home buyers & sellers.

This relates to both Buyer and Seller representation…

Are you representing a buyer who is considering a short sale? Are you concerned once you have an accepted offer by the seller and the offer is submitted to the lender for approval, other offers may come in to which the seller will submit them to the lender? Could they be better offers, increasing your client’s chance of being rejected?

If you are the seller’s agent, do you have an obligation to submit all offers to the seller’s lender(s) even after an offer has been accepted by your seller and submitted to that lender?

In the Arizona Short Sale Addendum, lines 13-15 of the Short Sale Addendum state, “Nothing shall limit a seller from accepting subsequent offers from subsequent buyer(s) and submitting the back-up contract(s) to Seller’s creditor(s) for consideration. All parties understand and agree that Seller’s creditor(s) may elect to allow the Seller to sell the Premises only to the holder of the Contract with terms and conditions most acceptable to creditor(s).

If you are in another state that offers a short sale addendum, does it have similar verbiage?

Would it be in the Buyer’s best interest to omit those lines from the addendum as part of the offer?

Would it be in the Seller’s best interest to accept this modification? Could this be used in marketing the home as terms the seller will accept?

Something to consider….

Please feel free to comment on any Ah-Ha given. I don’t have all the answers, but we can learn things together and collaborate to make things better!

Home Buyers & Sellers: Have you considered buying or selling a home in the Scottsdale/Phoenix area? I have a great passion to help my clients in buying and selling one of their greatest assets. If you are looking for an agent with integrity, dedication & great customer service, please email me Jamie@TickledPinkHomes.com or call/text 480-734-1971. I would love the opportunity to help you in this exciting journey!

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