What is the protocol on delivering offers to the bank???
My homeowner was facing foreclosure & I worked to get a legitimate offer for her house, albeit rather low.
This low offer helped save the home as the bank postponed the auction which was set for later that day.
Consequently, the very next day I received another offer which is 10% more!
I had not a chance to take it off the MLS before receiving the new offer.
What is protocol with short sales?
I already have an accepted low offer submitted, do I muddy the waters and potentially confuse the already confused bank by submitting the higher offer even though my seller already accepted the low offer???
Or do I tell the better offer to please be in "Back Up" position as the first offer may very well be rejected???
I have to totally agree with Joseph in that you'd probably be a little better off in getting the seller's attorney involved in this process since it appears that you may need a little more training regarding short sales. Additionally, I'd recommend taking Mike up on his offer on the CSSG designation training. No one is implying that you're completely a novice when it comes to real estate and/or short sales, but I've come to realize that the only people who feel as if they've learned all that they need to know are the ones who are no longer viable to this business.
I would suggest our CSSG online training program Kenneth. If you are uncertain about what to do in situations like this, this will help you a great deal. We made it inexpensive deliberately - http://www.theshortsaleguide.com/profiles/blogs/certified-short-sal...
It will give you the knowledge and resources to confidently do short sales.
Once you execute an offer, that is considered the accepted offer. Take the other offer as a backup( get it executed as well but put an addendum together stating that it is a backup offer). Your client's lender is going to have the property appraised as part of the process and if they feel the offer is low, they will counter. If the low offer bails on the counter, go to the backup offer and see if they are interested. If not, it's back on market--good luck