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Let’s say the house is in the market for $ 550,000-. Should one accept an offer for $ 400,000- to submit to the bank? I’m afraid that the bank might actually take it and want to come after me for the difference (which would obviously be a lot more than if we were to close on a number closer to the asking price)

4 Thoughts on When you are short selling your home, should you accept all/any offers regardless of how low they are?
  1. Reply
    wizjp
    July 29, 2011 at 4:49 am

    A short sale means the lender agrees to settle the mortgage for the purchase price.

    take anything and let them make the call.

  2. Reply
    Ryan M
    July 29, 2011 at 5:17 am

    You have NO say in a short sale…..your lender makes the decision NOT you.

  3. Reply
    chatsplas
    July 29, 2011 at 5:35 am

    NOPE
    Ignore the bottomfishers, or counter them
    IF you have only one mortgage and this is your residence, Obama passed protections for you being held on difference. Also if it’s a first mortgage, most were Without Recourse and the bank can’t come after you anyways. They agreed to be satisfied with house.
    I’d talk to lender and find out if there is a range they would find acceptable.

  4. Reply
    acermill
    July 29, 2011 at 6:32 am

    No, you should not accept offers for considerably less than asking price, assuming that you know you have the proper market price listed.
    You will be wasting effort for both yourself and the lender, which will quickly refuse any offer which is ridiculously low. The lender understands that the house will be sold for less than is owed, but it will much prefer to take as much as it can get from a buyer, rather than risking a collection judgment against you.

    With regard to another’s comment about non-recourse loans, they are ONLY common in California. Most of the other states use a conventional recourse loan, in which the lender has the right to pursue you for the difference. (And it WILL pursue you for the difference, if it has any notion that you can pay it down the road.)

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