There still are short sales on the 2013 Bend Oregon Real Estate market and one of the most common questions that people have when buying short sales is if it’s possible for them to submit offers on multiple short sales since it can take a while for a buyer to hear back from the sellers bank (lender), sometimes up to 4 months, so it can seem like a long time for the buyer who is eager to get into a home.
Understanding Short Sales
The answer to this question is no, submitting one offer is always best when buying a short sale because, although submitting offers on multiple short sales might seem beneficial to the buyer, multiple offers are only misrepresenting their intentions because, they will only have the financial ability to only buy one short sale and will have to terminate the other transactions or offers that they submitted.
What Is The Buyers Intention?
During the process of trying to short sell their home, a seller may have their listing agent ask about a buyers intentions because, if they know that a buyer has been submitting multiple offers on other short sales, they may be more inclined to reject the buyers offer or even go as far as making the earnest money that the buyer put up non-refundable so the buyer cant back out of buying their short sale for at least 90 days.
Realtor’s who are representing the seller want to know that a buyer is committed to the short sale process and will stick with their intention to buy a home even if it takes 3 months or longer.
To learn more tips for buying short sales, or to view the latest Bend Oregon homes for sale, contact me today by calling (541) 383-1426.