Rick Smith Associate Broker, COO

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Can a seller accept more than one Short Sale offer?

Unless there is something to the contrary in the fine-print of the contract, a seller can agree to sell to only one buyer. However this does not prohibit the seller from accepting more offers but these will obviously not be in the first position. Any subsequent offers that the seller accepts are known as back-up offers which you will have to place in some order mutually agreed to between the seller and the bidders. If the first buyer walks away, the seller’s agent will notify the agent of the second bidder. However this is still subject to the seller’s bank approving the short sale. Some banks have a policy of making the seller restart the whole process if a new buyer enters the scene. Please be clear that the seller is not obliged to accept a back-up offer on a short sale. If he or she is averse to accepting a back-up offer there is no way it can be enforced.

Buying a short sale home is fraught with pitfalls even though you could well land a good deal. It is best to be guided by an experienced realtor who will also be your agent. Rick Smith is one such in Santa Clara who can offer expert advice on short sale as a foreclosure option as well as purchase of short sale properties. Click on http://buyshortsalehomes.net for to know more about the ins and outs of short sales. To contact Rick Smith call 408.482.0539