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Buying or Selling a Home/Backup offer on short sale
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Question
We just put in an offer on a short sale through wells fargo. Our offer is higer than than the first offer and we did not require any closing cost. We are considered he backup offer, does this mean even though our offer is higher they will still choose the first? Or do we have an equal chance as the first? Thank You!
Hi Katie,
Aside from the home being a short sale. The seller is probably technically under contract with the first offer. Unless the seller is somehow able to break the contract with the original offering party, nothing can be done on your end, even though yours may be a little bit higher of an offer price. don't give up all hope, I've seen stranger things happen.
Good luck!
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Jay Denit
Expertise
I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.
Experience
My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.
Organizations
BARA- Boulder Association of Realtors
NAR- National Association of Realtors
CAR- Colorado Association of Realtors
Education/Credentials
Xavier University-- BSBA Finance
Colorado State University-- Professional Certificate in Project Management
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