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How to get my short-sale offer accepted?

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I submitted an offer on a short sale that I love! My offer, and two others were submitted to the bank. What can I do to improve my chances of getting the bank to accept my offer instead one of the other two?

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August 08 - US

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Angela Hardy, "AngelaHardy"
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Angela Hardy, "AngelaHardy"

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Hi xwearingthinx!Banks have no emotion - so while in a regular sale you might write a letter telling the seller about your family or your intentions for the home, this will be of no help in getting your short sale offer approved. The bank cares about the bottom line - so you need to be the best offer - period.Put in your highest and best offer - that way if you are not chosen you will at least know that you did the best that you could to get the home. Provide comps from the neighborhood to back up your offer price and include a pre-approval letter so that the bank knows you are a qualified buyer. Offer at least 1% for earnest money - more if you can. This will also show the bank that you are a serious buyer who is committed to the purchase.

Good luck! I hope your offer is the "chosen one"!

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August 08

DebtsNMesses
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DebtsNMesses

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Most likely the banks will contact all the bidders for a 'final, highest and best offer'. Then you will submit your bid. The banks will take the highest offer, period.

My brother's was the highest, and he bought it. We did one at 380K with them paying some closing costs. The other offer, also 380K was accepted. It must have been down to closing costs. lol

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August 08

workabee
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workabee

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Make an offer that is close to the list price, ask for no closing costs, use conventional financing, put at least 20% down and send the offer in to the listing agent with a stripper. They are very persuasive negotiators.

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August 08

Gene Urban, "geneurban"
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Gene Urban, "geneurban"

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We caution our clients buying short sales to not get emotionally involved. Even with an accepted offer, the odds of closing escrow/owning the home are not good.

I would agree with Angela that higher earnest money is reputed to be an important consideration by many lenders. The ideas is that you, the buyer, may have some extra cash that may be needed to make the deal happen.

One must understand that the bank is trying to minimize loses and often turns to the homeowner and buyer for some cash contributions. This is often the case with past due HOA dues, property taxes, mechanics liens, title insurance and lender mandated repairs.

If you were to open a fortune cookie about Short Sales it would likely read... I see a great need for patience in your life.

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September 02

Dominique Vescuso, "Acresofhomes"
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Dominique Vescuso, "Acresofhomes"

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Also you must understand that in some cases the person who buyes the house on a short sale is the one with the most patience. I have had several that after 4 months all of the offers have backed out and my buyers where the only ones left in the game. Do not be suprised if the short sale takes more that 6 months to be approved.

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September 02

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How to get my short-sale offer accepted?

Contributions: 3

Replies (5)

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Discussion I got scrammed by Century 21

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