Do I still have the option of deciding who buys my house and which offered to choose when I apply for a short sale?

If you've chosen to short sale your home the bank is not party to the contract until the contract or purchase and sale offer is submitted to the bank. Typically, short sales are priced more aggressively than an owner/seller home and the hardship letter and offer will need to be presented to the bank in order to approve the purchase of the home.Can I still decide who buys my house in a short sale?

As the owner of the home you still have primary authorization as to which offer to accept. Buyers need to understand that in a short sale process there may be multiple offers so buyers and their agents need to bring their best and highest priced offer. Because of this, sellers may receive multiple offers in which case they need to decide which offer to except and push through to the bank. Sellers still have the final word as to which offered to accept and will typically choose the offer that is highest with fewer contingencies.

Buy a Home in Portland after a Short Sale

The bank will have the final decision as to whether they except the offer on the short sale or not and this is where it can get tricky. Buyers may have longer wait times for the decision to come through on whether the bank except the offer or not. The seller however, will make the decision as to which offer to send to the bank. The buyer will then negotiate with the seller, the listing agent and the bank for final approval.

A cash buyer is always one of the best option since the buyer doesn't have to negotiate with the bank on being approved for a home loan. However, a cash offer may not be the best offer. Sellers have to weigh all of the contingencies and terms of the offer to make the smart decision. This is where having a great listing agent and buyers agent come into play. Both agents will negotiate and work with the buyer and the seller to determine the best offer to present to the bank. The bank needs to agree to the short sale offer in order for the process to continue.

Buyers need to be willing to stay in the deal for the long-haul because short sales can take upwards of 3 to 9 months depending on the process and the terms involved. Short sales may go through quicker with a cash offer but if the bank does not agree to it you may have to start over again.

Can I Sell my Portland Home to My Parents?

For more information on a short sale offer for your Portland real estate or property call my office anytime. I can help walk through the sometimes sticky process of a short sale and get your home sold quickly or help you purchase a short sale property in Portland Oregon.