How Does a Buyer Submit a Short Sale Offer?

How Does a Buyer Submit a Short Sale Offer?

Buyers will write an offer with their agent and then the listing agent will submit it to the bank.  The banks want to see that the home is listed with an agent and placed in the Multiple Listing Service (MLS). Agents who are familiar with the short sale will be sure to do this. As for the offer, banks are looking for a purchase price that is close to the fair market value of the home. A competitive market analysis will help determine the fair market value.It’s very important to note that just because a seller accepts an offer it doesn’t mean that the bank will accept it!When a seller accepts a short sale offer, the agent submits the offer to the bank along with:-A Listing Agreement-An Executed Purchase-The Buyer’s Pre-Approval Letter & Copy of Earnest Money Check-The Seller’s Short Sale PackageSmart agents will make sure the package is complete or else the short sale process will be delayed.Next Topic: What happens to a short sale offer once it goes to the bank?For more information about short sales, please contact Torelli Realty.