Short sale - in case the seller submits 3 top offers to the bank and the bank choose one?We just made an offer on a short sale SFR. The seller picked 3 top offers including ours and submitted to the bank. Now the bank is to choose one offer out of the three. I've never heard of such a case where seller only screen the offers and let the bank pick one. Is anyone out there familiar with such... |
It will take between 30 days and 5 months. The bank is going for either the highest net or the most cash. You never know which. But the real negotiation has nothing to do with your offer (or the 3 offers). The bank is going to spend the next 5 months trying to figure out how much cash they are going to demand from the seller. They will want at least $5,000 and possibly $50,000. The bank is going to lose money. The bank wants the seller to contribute something.
If the seller refuses to contribute anything, you will be wasting 5 months. You need to look the seller in the eyes and find out what they are willing to pay to sell their house. If they say "Zero", your chance of success drops to 25% (after waiting 5 months).
