Buying a short sale

Their were two offers on a short sale house. Mine and one other persons. In January the bank ask if we could close by the end of the month. The other offer was first in line but they said they could not close by the end of January. We told them we could. We did not hear nothing from them. It is now February and I was told they have excepted the other peoples offer and they will close by this Friday. Is the other offer still first in line even though they said they could not close by the end of January ?

3 Answers

Banks often play fast and loose with offers on short sales. It's highly uncommon for them to close quickly, more often than not, the sale process takes MONTHS. Bottom line, if they haven't responded to your offer, it's time to move on and find a home you can actually buy!

Good Morning. What I think happened if this is actually a short sale is that the Listing Agent and/or the person or company negotiating the short sale was trying to see if you, as the back up offer, could close quickly if the first deal fell apart!

It is not the bank in my opinion as they only see 1 offer at a time! I know first hand how short sales work, so if you have specific questions, please ask me. You can reach out to me directly if you'd like and I can share some insight with you to be better prepared if you are looking to purchase a short sale!

Thank you!

Steven Ceceri

If the bank accepted an offer and signed a purchase agreement with another party first, then they can certainly re-negotiate that agreement even if they talked with you.