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Answers (8)
- Ronald Escobar, "Ron Escobar"
- Contributions:305
Layton,
Anyone can make an offer at anytime... the listing of the property is an invitation for potential buyers to make offers... you can offer $1, you can offer $100 Million... you can make an offer at anytime...
That said, the seller is under no obligation to accept any offer from anyone... they can pick whichever offer they want, whether lower or higher or just because they feel like it.
Also, generally speaking a short sale is not approved, until the bank evaluates the offer being presented which was accepted by the seller... so the fact that they claim it is an "Approved Short Sale" may be misleading... the bank needs to see the actual offer and evaluate the case before they can approve it.
Best of luck!
Ron Escobar, MBA
Broker & General Contractor
- sunnyview
- Contributions:25139
Seller can pretty much decline any offer for any reason other than intentional discrimination against groups protected by the Fair Housing Act. They can say no if they don't like your lender, the fact your first name starts with "L" or the color of paper your offer is written on.
- LaytonChavis
- Contributions:1
I just put in an offer for a house at full asking price(short sale). The agent got back to me saying, the seller declined and that he would sell it to a friend for the asking price oppsed to my offer! How can this be?
- Jim Sweat, "JimSweat"
- Contributions:4
The bank usually doesn't have any input regarding the list price. Their concern is how much they are going to lose, and the list price has nothing to do with it. They can, and will, respond to an offer based on the information they are supplied with by an appraiser and broker price opinions.
If you are thinking of buying a short sale, find an agent who is trained and experienced with them. explainshortsales.com has some good info as a starting point. You also want to make sure that the seller is only sending one contract to the bank for approval.
There are some good deals to be had with short sales, but they are earned - not given!
All the Best!
Jim
If you are thinking of buying a short sale, find an agent who is trained and experienced with them. explainshortsales.com has some good info as a starting point. You also want to make sure that the seller is only sending one contract to the bank for approval.
There are some good deals to be had with short sales, but they are earned - not given!
All the Best!
Jim
- Jean Tenore, "jean45090439"
- Contributions:7
The bank does not set the asking price in most short sales. If the bank is being paid less than is owed and still must release the lien on the property, they want to recover as much as they can.
In short sales, most often sellers set the price and when the seller gets what they feel is the best price, the executed offer then goes to the bank for approval.
So basically when you go to buy at a short sale you have two sellers, the bank and the owner, and they both have to agree on the price. If a full asking offer comes in right away, either of the bank or the seller are free to counter at a higher price. This often happens when sellers price the property lower than current market values. The buyer is always free to say 'no' and walk away from the negotiation.
Further, the listing price is only the asking price for offers in the range of the presumed value by a seller and a seller can always counter an offer with a higher price.
Good luck.
In short sales, most often sellers set the price and when the seller gets what they feel is the best price, the executed offer then goes to the bank for approval.
So basically when you go to buy at a short sale you have two sellers, the bank and the owner, and they both have to agree on the price. If a full asking offer comes in right away, either of the bank or the seller are free to counter at a higher price. This often happens when sellers price the property lower than current market values. The buyer is always free to say 'no' and walk away from the negotiation.
Further, the listing price is only the asking price for offers in the range of the presumed value by a seller and a seller can always counter an offer with a higher price.
Good luck.
- Stephanie McCarty, "snellvilleagent"
- Contributions:521
happens often in our market in metro Atlanta so probably everywhere. The banks cannot set the list price - that is for the seller to decide in consultation with the listing agent. The bank will have a certified appraisal and 3 broker pricing opinions done but only after you bring them an offer - hard to explain this to buyers - doesn't seem right that full price could be countered with something higher but. . .
- Ronald Escobar, "Ron Escobar"
- Contributions:305
Yes.
When the list the house, they are advertising to sell for that price... is not really a legal offer to sell to you for that price... is more like they are inviting you to make an offer for that price... your offer then can be accepted, declined or counter-offered...
You are not really in a contractual relationship until you both have agreed to the terms of the sale and have sign documents clearly spelling those terms of sale...
In addition, short sales are subject to the bank's approval.. so you still have another layer added where your offer "subject to bank approval" can be declined.
Best of luck, and be ready for long negotiation periods, as short sales do not take 30 to 45 days.
When the list the house, they are advertising to sell for that price... is not really a legal offer to sell to you for that price... is more like they are inviting you to make an offer for that price... your offer then can be accepted, declined or counter-offered...
You are not really in a contractual relationship until you both have agreed to the terms of the sale and have sign documents clearly spelling those terms of sale...
In addition, short sales are subject to the bank's approval.. so you still have another layer added where your offer "subject to bank approval" can be declined.
Best of luck, and be ready for long negotiation periods, as short sales do not take 30 to 45 days.
- Craig Fialkowski GRI ,CDPE, "craigfial"
- Contributions:572
The question is: are there any executed offers?
A seller can legally only sign 1 offer which will be submitted to the lender for consideration, but it is ultimately up to the seller to choose which offer to sign and send. There is a possibility that even the higher offers will not be accepted by the lender after the appraisal is completed.
The lender may counter the offer asking for more money. Just because a Short-Sale is listed at a price does not mean the lender has agreed to accept that amount.
ShortSales are a mine field, and you need to be aware of the pitfalls.
If you are flexible and have time to wait, a short-sale could be a good deal. if you are under pressure to close quickly and not flexible on your offer amount, move on to other properties.
Good luck!
Craig Fialkowski GRI,CDPE
Realty Elite
Offered full listing price on a approved short sale can they come back at a higher price?
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