What to do about multiple offers in a short sale?

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What to do about multiple offers in a short sale?

I am looking for some advice, I have received 32 offers on my home; we accepted the first offer for $80,000 and submitted it to the bank as a short sale. We owe $140,000 on the mortgage. A week later we received an offer for $110,000. Is it OK to tell the bank to disregard the first offer and submit the second one. We are not expecting the bank to accept the first offer. It’s already been a month and I have heard nothing from the bank on the first offer, just that it’s in process.

Asked on May 7, 2012 under Real Estate Law, Pennsylvania

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You should check with an attorney in your area as to the formal requirements that may be needed in your state.  But either way I would ask an attorney to contact the bank  -formally on your behalf - so that they do not foreclose on you in the meantime.  If you submitted the offer in writing and signed then you may be bound until they reject it or give you a counter offer.  But you need to push the issue becuase you need to minimize the costs to you.  And you need to make sure that when they approve they waive the deficiency.  Good luck.


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