Buying or Selling a Short Sale in Los Angeles – Who Decides Which Offer to Accept?
Posted by Jenny Durling on Thursday, April 11, 2013 at 8:00:36 PM
By Jenny Durling / April 11, 2013
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Who decides which offer to accept? The Homeowner.
One major misconception about short sales that has been repeated so often that people have come to believe it is that all offers are presented to the bank – and the bank's asset manager makes the decision on which offer to accept.
Generally speaking, this simply isn't the case. In a Los Angeles short sale, the property still "belongs' to the seller and it is the seller (with the help of his or her agent, who makes that decision. The offer is then submitted to the bank along with a short sale package and a request for short sale approval.
It is the Los Angeles homeowner who chooses the listing agent and sets the listing price, based on advice from his or her listing agent. As long as that Los Angeles agent is experienced in short sales and has prepared an...
Generally speaking, this simply isn't the case. In a Los Angeles short sale, the property still "belongs' to the seller and it is the seller (with the help of his or her agent, who makes that decision. The offer is then submitted to the bank along with a short sale package and a request for short sale approval.
It is the Los Angeles homeowner who chooses the listing agent and sets the listing price, based on advice from his or her listing agent. As long as that Los Angeles agent is experienced in short sales and has prepared an...