Short Sale Runaround

[Michael Baybut]

Hi,
I have a back up offer on a short sale property I'm interested in. The offer is for full asking price with no unusual contingencies, inspection, appraisal and financing. My agent forwarded on the signed contract to the seller's agent along with a letter from my bank to show ability to easily qualify for a mortgage with 20% down and credit scores of 800+. The seller for some reason has been really dragging his feet to sign and return the contract. Just curious what anybody thinks about what his reasons would be for his reluctance to get the contract back to me.
Thanks,
Mike
:roll:

[Maryann L.]

Mike, the seller cannot sign your offer until the first offer has moved through to the lender and is rejected. Once that rejection takes place THEN he can sign your offer.

JScott is right. If he signs your contract before the other is rejected, the first buyer has a right to sue for interference of the first contract.

Short sales are like regular sales. You can only sign one offer at a time.