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I have questions regarding, shortsale, foreclosure, and counter offers.

My home is in short sale, I'd trusted a "friend" who'd just gotten her licence. The first offer fell through days before closing. Meanwhile we ended up in court for foreclosure and got an extension. then it happened again, and we shelled out $750 to stop a second foreclosure, and have only 90 days. the realtor indicates the second offer may fall through. She claims she isn't supposed to have been keeping the home listed or accepting counter offers, and is "waiting " for this buyers
 actions. To my experience in buying the home. The selling process is to continue until money changes hands? Am I correct in that, and what do I do to prevent a
 final foreclosure?
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March 06 2013 - Palm Beach
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Answers (9)

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Sound like the realtor got it backward. It's get a approved price from the bank, then the offer. Not offer first, then deal with the bank. Maybe this is why it's falling through. 
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March 12 2013
Profile picture for blub blub blub
It's hard enough for a new agent to deal with a regular transaction, but a short sale is out of their league.  There is too much involved with shortsales and experience plays a big part in it.

The sale can be marked "contingent other" which tells agents that there is a contract, but offers can still be presented and held as back up offers.  That way if a deal goes south, there's a new offer waiting to be presented right away.
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March 12 2013

You need a seasoned agent skilled in dealing with short sales immediately.  That agent will get the best contract possible within your given time frame then take it to your bank. If the bank agrees to review the contract it should/may stop the foreclosure process while the bank decides whether or not they will approve the contract. This can sometimes take a few months to get through the bank's approval system.  In the meantime, your foreclosure may very well be put on hold. Contact me directly and I'll put you in touch with an skilled agent in your area that can help. Thanks, David Clegg

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March 12 2013

In my opinion, I would recommend just walking away from the property rather than deal with the hassle of the short sale. With a short sale, it will still destroy your credit and you are a lot more likely to be required to pay the difference between the sale price and the amount owed. With a foreclosure, many lenders have a cash for keys program that will give you a considerable amount of cash if you promise to hand over the keys and leave the home without any further damage. If there is a short sale specialist on here that can enlighten me as to the benefits of a short sale, please do so, because I am not aware of any benefits over just walking away other than being able to occupy the property for a longer period of time.

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March 12 2013
Unfortunately, this is not a good fit for your friend as a new agent. Short sales take skill and experience in negotiating and knowing exactly what the bank is looking for in an offer, as well as how to size up the buying ability of the purchaser. I would advise you to find an experience agent that has handled short sales ASAP!
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March 12 2013
Taking a back- up offer...

While she cannot submit other offers to the bank, even when there is a valid signed contract between the buyer and seller, there is NOTHING that would stop any agent from taking a back up offer, unless in the original contract, you waived the right to take a back up.

Eve
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March 12 2013
Time is not on your side.  You need actions quick or you will lose your home.  I would find a Realtor that specializes in short sales.  Every lender is different and the things they ask for throughout the process change from day to day.  A lot of it is redundant and cumbersome.  If your Realtor is not accustomed to how all this works even with a good offer you are spinning your wheels so to speak.  Lenders are a little more understanding these days but there comes a point when they will pull the plug.  You do not want some one who just passed the class with no street smarts taking care of this for you.  You need a specialist. 
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March 06 2013
Sounds like a mess. Experience in real estate is the #1 thing you look for in a Realtor, you don't want to be the one they "learn on the job" from and with a short sale which is the most difficult transaction these days. It might be hard, but you need to speak to your friend and she needs to latch on to a seasoned pro in her office to help her. Together they might be able to save the deal.

Most banks will only look at one offer at a time and work with only it until it closes or falls apart, so while you can still have the house on the market, you will be taking backup offers only. There are many things your agent needs to know and be doing so have your friend partner up with a pro ASAP.

tim
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March 06 2013

I'd recommend hiring an experienced Realtor to handle your short sale, 
Time is of the essence.
I would recommend that you only take a cash offer, and try to have a backup offer standing by.  Make sure that the inspection period is short or better yet, waived by the current buyer.  Have some good faith money in escrow.
It sounds as if you are poorly represented.

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March 06 2013
 
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