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Would you change your 2nd offer in any way?
IMHO, if you are thinking about lowering your offer...let your current one expire.
IMHO, if you are thinking about lowering your offer...let your current one expire.
hmm... Do they really not like to see the same buyer's offer twice ?
This is stressful. Should we extend our deadline or not !!! Why did they ignor our deadline ? They could told us last week that they need more time, and we would have set a longer date.
DYeh,
Who is the bank? Some are horrible to deal with...
Also the bank would probably reject your 2nd offer if it came in lower...however, I am pretty certain that the agent is legally required to present all offers to the bank.
The Seller agent did not tell us who is the lender.
IF they don't want lower offer, they should have 1) discussed the set deadline was good or not, 2) respons to the offer on time. Today is the deadline date. They just want more time on the offer. Should I stand my ground on the deadline even if I will offer them the same later ?
Why are you bothering with a short sale, it will be a foreclosure in a few months at a much lower price... IMHO..
I wish I knew who the bank was, it could make the process easier.
Out here in So. Cali banks take about 45 days to respond to an offer, some are better then others.
If you are comfortable with the price, there is no harm in extending, but if you are questioning the price I would pull.
Short sales/REO are very difficult, stressful and time consuming, you just got to hang in there if you really want the home.
What your agent told you isn't true. You can always offer again after your first offer expires. And, absolutely DON'T extend the deadline. Offer less if the market has eroded since you first offered. Don't lock yourself into one price when the market continues to move. If you extend you aren't doing yourself any favors.
Thank you so much for your advices. There are only 2.5hrs left on our offer. "45days to repond" ??? Maybe our timeline on the offer was too short.
EWWWWWW.......it's a hard decision. Why didn't they told us the timeline is too short earlier!! EWWWWW............., and the seller agent said that they will not accept our 2nd offer later.
What a Friday!
You need to give at least 45 days in your next offer. DON'T extend the current one, just write another one that's more realistic. What the listing agent told you is baloney. Tell your agent to tell the listing agent that.
If you write another offer on this or any other short sale, include language that allows you to withdraw your offer at any time prior to receiving written third party acceptance.
Like I said... forget the short sale, they are a waist of time and you will be the one holding the bag.
That is 100% BS. I was in the same boat the deadline came and went and I heard not a word. I kept the offer on the table for 2 weeks after and pulled it.
I came back with a LOWER offer, and guess what, they took it the next day. All of this of course was against the advice of my agent. He kept telling me I was going to blow the deal.
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I waited many months on a Short Sale only to have my deposit returned and the bank decide to foreclose.
The banks pay NO attention to YOUR timeline. That doesn't matter to them. Do the paperwork to withdraw your offer and submit a new one if you want/need to be serious about a price reduction. The bank may finally call you and tell you that they will sell you the house at the higher price and not accept your lower offer.
Only get into a deal with a short sale if you have plenty of time to wait and wait. Short sale does not mean a short time, it means that the bank is losing money or being shorted on the amount that's owed to them. That's why they are so reluctant to see the deal happen. They are losing money on a short sale. However if they lose money on the foreclosure, the government bails them out. But an REO and not short sale.
That last sentence should read: Buy an REO and not a short sale.
Most banks have different guidlines and time frames.
what will most likely happen if you withdraw your offer and re-submit is that...you will start over again from day 1.
REO and short sale are the same damn thing. If you get an answer fast on an REO you are buying too early.
I was advised to let my offer expire. That way you have the option to decline if the bank decides to accept your offer down the road. You can move on to the next property and keep looking for something better. In Las Vegas, it's common for people to have bids in on 4 or 5 properties. The banks always let the offers expire because they are too slow and keep on waiting for the multiple offer scenario.
REO and short sale are the same damn thing.
No Rob, they aren't even close.
The REO's in our area rarely take more than a week to respond, "short sales" often take more than a month and one thing you won't have to worry about with an REO is foreclosure ;-)
Yes La, that is what usually happens…the offer expires the buyer moves on and the bank comes back (in their time) you will have the option to move forward or not (depending on how well your contract was written)
... and, it's free and anonymous
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Is it True ? (Short Sales)
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DYeh
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Dear all,
I need your advices. The Seller agent said that a Bank will not accept a 2nd offer later from the same buyer. We have been waiting (1-1/2wks) for a response from Lender with a deadline. Today is the deadline, and we don't want to extend the time because we had set the deadline for today, and bank had not reply. The Seller Agent said it's better we extend the deadline becaues the lender will not accept another of our offer later. Is this a generate short sale practice?
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