There are a few misconceptions when it comes to short sales and whether or not a Wellington short sale seller or their bank has to sign a buyer’s offer.
First, a short sale is an agreement between the short sale seller and the buyer, NOT the short sale seller’s bank(s). Even though the seller needs short sale approval from their bank they are not a party to the contract, the short sale seller is still the owner of record on the deed, not their bank.
Second,
in order for an offer to be enforceable both
the short sale seller and buyer needs to sign the offer, if they come
to terms. If
the short
sale listing agent
tells
you otherwise you might want to reconsider pursuing that
particular
short sale.
So the answer is YES the seller of a Wellington FL short sale has to sign an offer, if all parties agree to the terms.
If you are a interested in buying or selling your home as a short sale make sure to hire an experienced Wellington short sale agent.
Originally posted at http://wellingtonhometeam.com/does-the-seller-of-a-wellington-short-sale-have-to-sign-the-offer/
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I always thought the owner had the option to reject, counter, or accept it. The bank should never see the offer until all the counters are done.
Seller does have the option to reject, counter or acccept and once a contract; it is between the seller and purchaser with a contingency of third part approval needed. That's how our transactions are managed.
Larry - You are correct the buyer negotiates with the seller, not the bank and they do have the optioin to reject counter or accept it.
Kathleen - That's how ours are managed too.