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Replies (14)
- Michael Emery, "MikeEmery"
- Contributions:7298
If you do attempt to counter, you may well end up waiting another three months only to find out the investors won't budge.
Personally I would prefer to work with a bank that owns the mortgage rather than a pool of investors.
Personally I would prefer to work with a bank that owns the mortgage rather than a pool of investors.
- Dave Matthews, "Dave Matthews"
- Contributions:14
Short sales are not an easy or quick process. You would probably have been better off to bid the 159,000 to begin with rather than the percentage.
If you are getting a really good deal and you don't have anything else to bid on, I would say keep waiting. If there's something else you're eyeing, you need to weigh whether to wait for this short sale or to move on.
Short sales generally blow through your "good until" dates so it's fairly easy to walk.
Good luck.
If you are getting a really good deal and you don't have anything else to bid on, I would say keep waiting. If there's something else you're eyeing, you need to weigh whether to wait for this short sale or to move on.
Short sales generally blow through your "good until" dates so it's fairly easy to walk.
Good luck.
- Nancy Celis, "nancycelis"
- Contributions:57
Short Sales can be a lengthly process and the short sale terms are subject to the investors approval. If a buyer is submitting an offer that is different from the investors approval, it usually has to be resubmitted for final approval of the new terms by the buyer. If you like the home and don't have another option, it doesn't hurt to see what the final approval will be. The great thing is you can walk away if you do not agree.
- Wes Black
- Contributions:509
Accept the offer and enjoy the house you want.
- emceer
- Contributions:8
I can walk, but my Escrow is tied up, about $3,000.
My lease is also up in April, but I can go month to month if I need to look again.
I'm not absolutely in love with the house, but do like it. Perhaps becuase we've been let down after losing so many other houses to cash buyers our heart is no longer in it and we can't get excited anymore.
My realtor will not show me anymore houses until we get closer to the 3 month date of Feb 9 for my contract to run out. Honestly other than her having access to lock boxes and calling to follow up she has been of no help. She's always trying to push her "friend's" house on us or a Keller Williams home. We go online, find a home, call her and she shows it to us. Nice girl, very new but she' just trying to get her commssion it seems. So if this does not work out we're finding a new realtor.
Other realtors may be discouraged working with a buyer who is already so far along in the proccess.
If I bid on another home, I could only afford to put down $500 in escrow so it won't be a strong bid.
- Rita A. Walker, "Rita Walker"
- Contributions:277
Were you not talking on November 8th, that no one would take your offer?
Was this offer in at that time?
I am curious, are you still using the same agent?
Usually the seller wants 1000.00 presented with offer.
Was this offer in at that time?
I am curious, are you still using the same agent?
Usually the seller wants 1000.00 presented with offer.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1323
Maybe she senses your frustration with short sales and is trying to redirect you? (I sense it)
Why should she spend time out showing you additional houses if there is no way you could make an offer because of your pending offer?
I can't imagine a single reason she wouldn't want your deal to go through...she doesn't make a dime, recoup any gas money, have a penny to show for her hours of showing you houses and writing up offers until you are able to close.
One question, am I reading this correctly? You are trying to purchase a home in the range of $155,000 and only have a cash reserve of $3,500? I understand there are ways to do it, but aren't short sales often as is? So all of your offers have had a closing cost concession written in? I'm just a casual observer, just wondering...
Why should she spend time out showing you additional houses if there is no way you could make an offer because of your pending offer?
I can't imagine a single reason she wouldn't want your deal to go through...she doesn't make a dime, recoup any gas money, have a penny to show for her hours of showing you houses and writing up offers until you are able to close.
One question, am I reading this correctly? You are trying to purchase a home in the range of $155,000 and only have a cash reserve of $3,500? I understand there are ways to do it, but aren't short sales often as is? So all of your offers have had a closing cost concession written in? I'm just a casual observer, just wondering...
- Michael Emery, "MikeEmery"
- Contributions:7298
Your offer is contingent on the bank agreeing to the sale.
Since the bank has not yet given their approval, you should be able to request a cancellation of the purchase agreement and get your earnest money refunded.
In the future, have your agent write an addendum that states your earnest money will be paid when (and only when) your receive bank approval. This is how it is currently written in the short sale contracts in Minnesota.
Since the bank has not yet given their approval, you should be able to request a cancellation of the purchase agreement and get your earnest money refunded.
In the future, have your agent write an addendum that states your earnest money will be paid when (and only when) your receive bank approval. This is how it is currently written in the short sale contracts in Minnesota.
- Gordon Crawford, "Gordon Crawford"
- Contributions:15
One strategy may be to submit the $159,000 and 3% closing cost contribution offer now. That way you do not invest more time waiting for the inevitable rejection that you believe is forthcoming and then starting the process over. The investment group may consider this at the same time they are evaluating your current offer and you may save a little time.
My experience is that if you are lucky emough to find an already bank approved short sale that is is best to submit an offer exactly in alignment with the terms of the current approval. Otherwise there is little advantage time wise to a bank approved short sale vs. a typical short sale because the evaluation process begins anew.
Good luck.
My experience is that if you are lucky emough to find an already bank approved short sale that is is best to submit an offer exactly in alignment with the terms of the current approval. Otherwise there is little advantage time wise to a bank approved short sale vs. a typical short sale because the evaluation process begins anew.
Good luck.
- Maria Avellaneda, "MAvellaneda"
- Contributions:278
This is one of tne reasons why I recommend to my buyers not to get involved on short sales. There are plenty of good private sales That are just as good deals. Most private sellers in my market are willing to pay closing cost and dont make a big deal of paying for needed repais and do not wait more than a few days to act. If you ca not leave without the house, take the offer, if no go elsewhere.
- Debra Donahue, "Debra Donahue"
- Contributions:6
I do many short sales. The investors do not like to pay closing costs. Going back and countering is going to slow the process down. It could add another month before approval. The earnest money should only be given once there is a bank approval in place.
- Claudia DeBruyn, "FLwaterfrontRE"
- Contributions:114
I have done several short sales. The bank has almost always counter offered. At that point you A) can accept their counter B) walk away or C) counter their counter. It wont take another 3 months. Once there is someone with a pulse on the bank's end, it should move right along from there.
- Paul Tsiotis, "Paul Tsiotis"
- Contributions:217
No, it does not make sense. Unfortunately, we are at the mercy of the bank and the individual negotiator assigned to the file in most short sales. Once the bank agreed to a price of $155000, that's exactly what they mean. Your offer should have included a 3% addition to the price if you were asking that for closing help. When the agent lists the approved price, that is a net price to the bank. It does not include any closing costs. That must be compensated for in the offer.
To change the offer now could probably mean more months of waiting. Sorry to be the bearer of bad news but that's how it is.
To change the offer now could probably mean more months of waiting. Sorry to be the bearer of bad news but that's how it is.
- Ofe Polack, "Ofe Polack"
- Contributions:1418
I would wait for the bank's response, at that point you can make a decision. Short sales are not for everybody, their are frustrating at best and lengthy. If you do not get this property maybe you should be looking at properties that are not short sales.
Short Sale Offer Question
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