The short sale process can be lengthy and complex. Unforeseen changes may occur during this process that would prompt you to submit a backup offer to replace the original short sale offer on the property.
This could occur if:
•The original buyer walked out during the process, but you have a backup offer ready to submit from a different buyer.
•There is a change in the buyer’s name during the process.
•The original offer was declined for being insufficient, and you have a backup offer that can be submitted.This guide outline how to submit a backup offer under any of these circumstances.
This is big news for both buyers and sellers because (1) the short sale process doesn't have to be abandoned & restarted if a buyer walks (2) your file isn't reassigned to a new processor.
If you want to search for shorts sale properties click here.
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