Profile picture for redkiller06

buying short sale that previous buyers walked out

I am in a situation where I put an offer to a short sale house that precious buyers walked out after bank approved short sale. My agent told me that bank was asking X price. So I offered with X price with all cash. What is my chance to get my offer accepted considering the bank had approved short sale already, and my offer was all 100% cash deal? Do I still need wait for months to get a new approval? Thank you!
  • April 21 - US
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Answers (4)

Profile picture for LemkeSoldMyHome
I agree with previous comments.  With you meeting the banks terms, and paying cash I think you have a great chance of getting the home.  Even if someone comes in a little higher than your, if they are using financing your offer will still have a bit of an advantage especially if the home is in any type of disrepair.  Your agent and the listing agent needs to stay on top of the bank though, I've found when you are not in contact with the bank getting timely updates, that is when deals fall through.  But there are 2 of the larger banks that are horrible to deal with.  I've closed one with a small bank in 34 days.  But my longest with one of the larger banks took 11 months.
  • April 22
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Short sales can be very frustrating... so much so some buyers do walk out. Banks have tried to streamline the process but it can still be quite challenging. If you offered the bank's asking price with no contingencies and if no one else comes in with a bid over yours the chances of you winning are pretty good. The process can still be longer than a normal deal even with all the work from the previous attempt but it should be pretty reasonable. Make sure your agent is familiar with that bank's process and stays connected with the negotiator as well as possible.
  • April 22
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Profile picture for Louis W
Short sales - depends on the bank, some start the process at square one with every new situation, especially if anytime has lapsed.  Hopefully you'll get the same negotiator as for the previous situation and all hud forms and docs required have been presented correctly.

Louis
  • April 22
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Profile picture for AdrianChu
It depends on the situation and how the bank works.  

But I would say you have a pretty good chance of getting the deal since the bank already approved the price.

Good luck!
  • April 21
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