Buying or Selling a Short Sale in Vancouver – Who Decides Which Offer to Accept?

Posted by Liliana Sorescu on Monday, April 1st, 2013 at 10:19pm.

Who decides which offer to accept? The Homeowner.
One of the short sale misconceptions that's been repeated so often that people have come to believe it is that all offers are presented to the bank – and the bank's asset manager makes the decision.
This isn't true. The house still belongs to the seller, and he or she makes that decision. Then the offer is submitted to the bank for approval.
It is the Vancouver homeowner who chooses the listing agent and sets the listing price, based on advice from his or her listing agent. As long as that Vancouver agent is experienced in short sales and has prepared an accurate market analysis, the listing price should fall within a range that the lender will accept.
Of course, there are exceptions. Sometimes asset managers demand far more than the current market value. Then it's the agent's job to negotiate with them and prove that the price is right.
This is yet another reason why homeowners need to be careful in choosing their agent.

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