Register or Sign in        Email This Page     Link To This Page    
Visit MND at MBA in NYC!
72,923
# of Subscribers

You do not have permission to post in these forums.  Join Now or Sign In to post.

Page 1 of 1 (2 items)
Post Statistics: 766 Views, 1 Replies
Latest Post: Tue, Dec 30 2008 4:15 PM by Donna Robinson
  • Sat, Dec 20 2008 1:26 PM
    • Anonymous
    Backup Contracts on a Short Sale
    How do backup contracts work on a short sale?
     
  • Tue, Dec 30 2008 4:15 PM

    the listing agent may accept a back up offer if they wish to do so, but that offer would only be considered in the event that any current binding offer were to fail to close. This is not unusual with a short sale, but since shorts can be rather intense affairs, it may take weeks before a back up offer would be given consideration. And the back up offer would usually have to be higher than the one that fell through. Most shorts that fail do so because the bank won't come down enough on the price, so a back up offer needs to have a price that is higher than the current offer. The agent can't tell you the current offer price, so you just have to make your offer and see if they are willing to hold it as a back up offer.

    Donna Robinson
    http://www.RobinsonRealEstateReport.com

Page 1 of 1 (2 items)
X
Track Mortgage Rates Daily with our Free Daily Rate Updates. There are several ways to follow daily rate movements, including:
Email Address:   Zip Code:  
RSS - Subscribe to our Daily Rate Update RSS Feed.
Twitter - Follow our Daily Rate Update on Twitter.
Facebook - Follow our Daily Rate Update on Facebook.
Bookmark - Bookmark our rates page and visit daily for updates.
Mobile Apps - There's an App for this too. Learn more about our Mobile Apps.