If the homeowner accepts my offer, does the lender have to as well?

Written on May 18, 2011 at 3:42 pm

This is probably one of the most confusing parts of buying a short sale home. Normally a buyer negotiates the purchase price with the homeowner and you are done. However, with a short sale it’s a different story.

The home seller’s agent will list the home. He or she will try to get a few people to submit offers and present them to the home seller. The seller’s agent then submits the best offer to the lender/bank for approval. The bank will compare the appraised value of the home with your offer. If they like what they see they may accept it or not. The lender may order the seller’s agent to send a counter offer to the agent who is representing you.

Short sales have a lot of variables so there is not a cut and dried answer to this question.

Home Warranty Protection