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I put an offer on a short sale home. Will we hear something soon?

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The sellers lender ordered an appraisal today, does that mean we will here an answer soon? The homes listing price is 249,900. We offered 258,500. What are our chances the bank will counter us? The same model sold last month for 299,000.

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April 10 - Elk Grove

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JohnBarker_net
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There is no standard scenario regardless of the state where you reside, type of loan, etc. As previously indicated, plan on it taking a lot of time, probably months, and be prepared that you may not get the house at all for numerous reasons. Some examples, you could still be outbid by another party, seller could change course and file for bankruptcy, the seller could surrender it voluntarily to the bank and they then choose to hold it in their portfolio waiting for market improvement.

You increase your odds of success tremendously by having professional help. Professional help meaning a veteran broker who knows this process, and or a reputable facilitator between you and the bank. Most people going this process alone typically do not succeed.

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The bank will not counter, The home owner will, and even the home owner accepted your offer, that is not mean the bank and the 3rd party (investor if any) will accept your offer. It take time.

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I put an offer on a short sale home. Will we hear something soon?

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Related Questions

Question i heard that the government told banks not to sale houses with bad credit until 2010. is that true?

Question At what point do I qualify for the $8,000 tax credit?

Question I put an offer on a short sale home. Will we hear something soon?

Question seller has a second mortgage isthe buyer responsible for that

Related Articles about Home Buying

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

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I put an offer on a short sale home. Will we hear something soon?

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Question i heard that the government told banks not to sale houses with bad credit until 2010. is that true?

Question At what point do I qualify for the $8,000 tax credit?

Question I put an offer on a short sale home. Will we hear something soon?

Question seller has a second mortgage isthe buyer responsible for that

Related Articles about Home Buying

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide About First-Time Home Buyer Tax Credit

Guide You've Opened Escrow

Guide Picking the Best Comps

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