Home is worth 230 based on comps. My offer of 163 has not moved the bank at all. The auction is this Friday 8/10. I have and offer from a buyer at 190. I do not want to go much higher. However, if the house goes to auction, I get nothing. I will offer the bank up to 175 or 180 just to keep the home from going to auction. This does not leave a big profit for me, but I would rather make some money as this is my first short sale.
Question: Is it possible to enter into contract with my buyer and require $5000 in earnest as a way to guarantee that if I bid up to 180, I will still have the property sold and make a couple of thousand when it is all said and done?
I greatly appreciate the advice.