Profile picture for Rocky57

What are my chances of getting the short sale house with no other offers?

I put in an offer on a house that's a short sale. The listing agent informed myself and my agent that there are no other offers and that he hasn't had any showings on the property either. House been listed since 6/2010. We are waiting to hear back from the bank, what are my chances of getting this property? Does it look good for me sonce there are no other offers on it and hasn't been?
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February 17 2011 - Mayfair
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Answers (21)

Profile picture for user2000326
Well, this is rather a question. I found a short sale house which is listed for $265,000. The agent is the wife of the owner of the short sale property. I told her to tell the bank that I am offering $220,000 in cash. She did not call me back for 3 weeks. Finally I got in touch with her and she said that there is already an offer that is entertained by the bank and anyway, the bank would not accept anything less than $240,000. She would not tell me which bank they are dealing with. the place is on the market for over a year. Some how I do not trust her what so ever... Any advise?

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October 18 2012
When dealing with a bank and they are essentially the seller there are some good aspects. 1. They have no emotions. They dont care if the house has received any offers or showings for that matter. It is just a system you will have to go through the steps. May take a while but may be worth it. They will request a lot of documents from you and the seller. Then order a appraisal to find out value and give you a response based on that. Any other questions feel free to contact me.
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March 10 2011
It truly depends on the  bank/banks involved. Lets assume that there is only 1 bank involved, it is up to the bank to want to accept the shortage. Also, sometimes banks let homes go into foreclosure because it works out better for them in terms of money. They can get cash from PMI insurance or sell it take it over themselves and place it on the market with a Real Estate office.

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March 09 2011
What it comes down to is how the bank is willing to lose. The bank I am sure will come back with a counter because they want to get as much money back from the sour deal as they can. This deal may take longer then you would expect so sit back and relax and I hope you get the house.
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March 09 2011
I agree with Joel there are many different factors that come into play when putting an offer in on a short sale.  One being the mortgage holder agrees to satisfy/release their lien, as well as, repayment obligations of the seller, for payment of less than the unpaid balance due the mortgage holder from the seller/buyer.  The process can be lengthy.
 
Having no other offers could increase your chances. Just have patience with the process the banks want to get rid of these properties but sometimes can take a long time to do it.
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February 17 2011
Zillow's take:

Simply responding to a question in the Zillow Advice forum is not advertising nor is it self-promotion. In fact, using the Zillow Advice forum to advertise is strictly prohibited in the Zillow Good Neighbor Policy, located at http://www.zillow.com/howto/GoodNeighborPolicy.htm: "Please don't post inappropriate stuff: Spam, advertising, or self-promotional content is not allowed in Zillow Advice. This includes, but is not limited to, any contact information such as phone numbers, email addresses, or website URLs." As part of this policy, Zillow prohibits those posting in Zillow Advice from including any contact information in their posts.

 If you feel that something you posted in Zillow Advice could be considered advertising, self promotional, or holding yourself out as being able to provide real estate services, it shouldn't be there.

Agents should not be holding themselves out as being able to provide services on Zillow Advice. If a consumer wishes to contact you based on a comment you leave in Zillow Advice, they will click the link to your profile where all of the required information is provided. Until then, you are simply providing your two cents to Zillow's community.

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February 17 2011
Profile picture for sunnyview
PA real estate commission here requires it in advertisements only. The PA Association of Realtors here states that they have no such requirement. The NAR 2011 Code of Ethics Section 12.5 was recently updated in January here and states that rules have actually been relaxed in the use of social media advertising and that as long as the agent's post, tweet etc. links back to the required disclosures for example a Zillow profile page with full professional information that the agent should be in compliance.

If there are other rules that apply, I have been unable to find them. Both the national and local RE Boards are aware of the changing online marketplace. They seem to understand that electronic media offers a different format that requires different rules than the rules that govern advertisements. 
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February 17 2011

Renee,
We had this same question come up about Kansas. The rule applies to advertising. eg. real estate agents promoting their services and/or seeking customers.

Since this sort of content is not allowed in Zillow Advice, there should be no issue.

Simply answering questions shouldn't be advertising.  We will confirm, but I'm pretty sure the outcome will be the same.

Rachel
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February 17 2011
Rocky57,

One observation: that listing agent should have NEVER under no circumstances disclose the information that there were no showings ... or that there are no other offers UNLESS authorized by the SELLER in writing.

In the normal market, that seller would have FIRED that listing agent long time ago.
Unfortunately, this is NOT a normal market. Sellers often do not care any more - they should care, because lenders do approve short sales when they receive a FAIR offer - and often sellers take advantage of the existing chaos.  

To answer your question, lender will rely on the BPO and their own appraisal because it is the ONLY way they can know the approximate market value of the property. For all they know, you could be in cahoots with the seller - no, it never happens - who intentionally sabotaged the showings to lower the price for the buyer.


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February 17 2011
Ricky57 the bank will order (or may have already done so) a Brokers Price Opinion (BPO) on the property.  This lets them know what the current market value is.  If you are getting a mortgage on this property, then most likely the lender will require that the property appraises at or above the purchase price.  As long as it appraises out and it is within the numbers of the sellers lenders, you should be good.

Just a side note here, I would say that your profile (which is connected to your post) that includes all your contact information would cover your hind end regarding any law about putting your info on anything you post.
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February 17 2011
Profile picture for sunnyview
I don't see the section in the PA code here that requires what you to post your contact info right off hand.  The only requirement that I saw applied to advertisements here. Do you know what section requires it on websites that are not advertisements?

I am sure that if it is requirement of your Board that Zillow would be sensitive to your need to remain within the professional guidelines in your state.
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February 17 2011
As one of the agents stated if you are trying to make this purchase a primary residence the word short sale should definitely be called a long sale. The process can take as long as 9 months. The process is so much easier with a home that has been foreclosed or that the owner is doing a standard market sale. In many cases short sale properties may have issues due to lack of maintenance. Get with your agent and see what is best for you in the long run.
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February 17 2011
Dunes & Renne,

Not to jump on Rocky57's thread but I found your posts interesting because our local board in Minnesota is now becoming very aggresive on this policy as well and I did not even think about it until I seen your posts to eachother.  I heard from someone here that our board is now even discussing the need to have Broker info on Twitter Tweets - the Boards really seem to be cracking down and I think Renne you have some good points -- interesting to see what will become of all these new policies and how in the world they will be enforced.
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February 17 2011
Rocky57 The agent you're using should have already done the research if the offer fits or not as well as the listing agent.  I typically wont take a short sale offer on my listings unless I know its at least 10% within the real value of the home.  If this has not been done already have your agent look up other similar homes in the same area to establish value, make sure your within at least 10% of that and you should be fine.  Other things that may alter that number though are condition, if your is beat up, moldy etc the value would be less of course.
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February 17 2011
Profile picture for Dunes....
Guess we'll find out for sure if that's the law.
If it is then Zillow will need to revise it's Policy so ya don't break the law....

If it's not actually a law then....Spam, advertising, or self-promotional content is not allowed in Zillow Advice. This includes, but is not limited to, any contact information such as phone numbers, email addresses, or website URLs
Good Neighbor Policy

Zillow will decide and I'm sure will tell us here if it's the law...They've been very pro-active regarding Spam

I'll help and post it as a Question so PA  Agents aren't penalized if it's Law....
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February 17 2011
Profile picture for Rocky57
Ok, so the listing agent did list the short sale as "BANK APPROVED" and originally for $99,000. I'm offering the $110,000. How do I find out what the fair market value is? I'm sure this will play a major role in what the bank accepts.
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February 17 2011
If you offer is cash and as is condition and presented in proper formatt
the bank will reply with a counter offer or  rejection.
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February 17 2011
Profile picture for Dunes....
Spam, advertising, or self-promotional content is not allowed in Zillow Advice. This includes, but is not limited to, any contact information such as phone numbers, email addresses, or website URLs
Good Neighbor Policy
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February 17 2011
I specialize in short sales in my area and work them daily. The answer from Joel is spot on where he says "there are a lot of variables" to that question.  One I would have is it a small local bank?  If so you would most likley get an answer in days to just a week or two.  If its a large bank which most likley it is such as BOA, Wells Fargo and so on the process will be 45-90 days on average, very uncommon to be any faster than that so be patient.  If you're the only offer you will most likley always be the only offer as sellers typically do not sign more than one offer so the bank will just see yours.  If the offer is within fair market value "AND" the seller of the home can prove their hardship your chances are very very high to getting it.
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February 17 2011
I agree with Joel there are many different factors that come into play when putting an offer in on a short sale. Having no other offers probably greatly increases your chances. Just have patience with the process the banks want to get rid of these properties but sometimes can take a long time to do it. Good Luck!
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February 17 2011
There are a lot of variables to answer that question.  Is the offer on the house fair market value or under?  Each bank is different.  Being the only offer does help your cause, but the bank may and probably will still counter offer, and you usually do not have much success if you try to recounter back.  I would say hang tight and enjoy the ride.  I have seen short sales get approved in as little as a few day and some took months.  If paperwork is submitted as the bank wants it the process is usually faster, but that depends on how good the listing agent is at staying in constant contact with the negotiator. 
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February 17 2011
 
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