A:  When it’s a short sale

You’d think that a Seller who received a full-price offer on their home would automatically say “yes,” and the Buyer and Seller would be well on their way to a consummated deal.

And in most situations, you’d be correct.

However, with a short sale — that is, a home where the lender is owed more than the home’s fair market value — the Seller’s list price is really only the opening salvo in a multi-step process.

Once an offer comes in on a short sale property, the next step is typically a lender-ordered Broker price opinion (“BPO”).

If the BPO suggests that the list price is too low, nothing prevents the lender from rejecting the Buyer’s offer and countering above list price.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.
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