[quote author="USCTrojanCPA"]
[quote author="roundcorners"]I wrote about this Open House this past weekend... what does it mean when short sales go into back-up offers so quickly?
http://www.redfin.com/CA/Irvine/201-Rhapsody-92620/home/5952050[/quote]
They most likely have gotten several offers and the seller accepted one which they included in the short sale package. You can't submit a short sale package to the lender/s without an offer.[/quote]
thanks for answering T-Man... so the way I understand it is...
If the short seller is motivated, they can just accept the first good offer, submit that offer & package that the buyer puts together to the bank for approval right? If it gets approved in a timely manner, then a sale will transact. If the bank sits on the offer, then this is where short sales get stuck in Back-Up offer status for a long time right?
However, as we see in many short sales, the seller aren't that motivated, they receive offers but they either deal them out to their friends or just sit on them; that way they can stay in the house longer and live rent/mortgage free...
But a buyer can submit a short sale package directly to the bank without the sellers knowledge, then again it's up to the bank to accept or decline the offer or just sit on it, right? The house then stays active as a short sale forever...