Naji Rashid's Blog » short sale http://www.najirashid.com Helping Individuals And Families Achieve Homeownership One House At A Time! Tue, 01 Nov 2011 18:06:14 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Short Sales: When is Offer ‘Accepted’? http://www.najirashid.com/short-sales-when-is-offer-accepted/ http://www.najirashid.com/short-sales-when-is-offer-accepted/#comments Wed, 17 Jun 2009 22:12:35 +0000 Naji Rashid http://www.najirashid.com/?p=139 There has been some confusion about when a short sale offer is “accepted.” A short sale is a sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. The owner will request that the lender (third party) agree to take less and forgive the rest of what is owed on the mortgage. When an offer is submitted on the property the seller who is still legal owner of the property in most cases  must be the first to “accept” the offer. When the seller accepts an offer under these conditions and a contract is formed, the offer is “accepted,” although it will have at least one unresolved contingency: the lender’s approval of the short sale.

If a seller receives more than one offer on the property, the seller picks the best one and signs that offer only and sends it to the lender. I hope this clarifies when an offer is “Accepted.”

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