Legal Question in Real Estate Law in North Carolina

I have a question about the short sale process in NC. There is a home I am interested in placing an offer on. The seller has already accepted an offer, but the bank has not yet reviewed that offer. If I put in an offer, would it be a back-up offer or considered just another offer (multiple offer situation). Would the bank be forced by law to make a decision on the 1st offer prior to seeing my offer or could they look at all offers at once? I cannot find the NC statute that speaks to this.


Asked on 8/18/11, 6:19 am

1 Answer from Attorneys
Rachel Hunter

There is no statute on this that I am aware of. The house is already under contract if the seller accepted the offer so I don't know why you would make an offer as the seller would have to break their contract with the first offeror in orderr to accept your offer. You are not going to offer more are you? Your offer is not likely to be considered if less is offered.

The bank may reject the short sale offer. If they do, then you will know that you will have to offer more, not less in order to get the bank to agree.

I had heard that there was a federal law which required baks to stop dragging their feet and make a decision on a short sale within 45 days. However, I don't know how often these laws are being enforced. My guess is not much. In any event, you have no rights to "force" the bank to do anything. You have no relationship to the lender and any rights/responsiblities are between the bank and the seller.

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Answered on 8/18/11, 7:52 pm


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