Zillow Advice: Buying a Foreclosure - How do you act on a short sale house before the bank forecloses? http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ Zillow Advice | Zillow Real Estate MargeI agree with Carl &amp; ... http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ Marge<br/><br/>I agree with Carl &amp; Michelle - we need more info to give you accurate guidance.<br/><br/>Is the property listed with a Realtor ?<br/><br/>Is the property "For Sale By Owner" ?<br/><br/>The bottom line to a short sale though - is that you need the seller cooperation.<br/><br/>Answer these questions and we can give you more helpful insight. Sun, 08 May 2011 21:42:00 GMT http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ 2011-05-08T21:42:00Z Banks want SHORT SALE properties ... http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ Banks want SHORT SALE properties to be listed on MLS so they know the full market of buyers had a chance to see it and buy it. They want to know they are getting the best price for the house. They don't want private sales. If you wait for the house to go to foreclosure, you will be competing with many investors and other buyers as these are also public sales.&nbsp; Foreclosures are often in worse condition than a short sale.&nbsp; <br/>&nbsp; Wed, 04 May 2011 18:25:00 GMT http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ 2011-05-04T18:25:00Z You defintely want to write ... http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ You defintely want to write an offer up ASAP and have it submitted so that the asset manager in charge of that house can call off the foreclosure or postpone it if your offered price meets their payoff requirements. Wed, 04 May 2011 04:33:00 GMT http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ 2011-05-04T04:33:00Z This isn't real "tactful", ... http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ This isn't real "tactful", but try calling the listing agent directly.&nbsp; There is a 99% chance that your agent is telling the truth.&nbsp; The 1% could be that the agent does not feel like writing a contract on a short sale that might or might not close.&nbsp; <br/><br/>Call the listing agent or owner and ask if they are accepting offers on this property.&nbsp; Make sure you use a fake voice.<br/><br/>Hope this helps.<br/>Paul Mon, 02 May 2011 14:55:00 GMT http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ 2011-05-02T14:55:00Z &nbsp; The short sale process ... http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ &nbsp; The short sale process happens when the seller owes more than the home is worth.&nbsp; When you make an offer on a short sale the contract will be between you and the owner, yet, they can't sell to you without the bank approval.&nbsp; Sometimes there is more than one bank to deal with and more than one mortgage.&nbsp; While banks don't want the property to fall into 'foreclosure' they can take a long time to respond.&nbsp; Do you know how long this property has been on the market?&nbsp; In some cases the banks will 'postpone' the foreclosure process if an accepted offer is on the table (short sale).&nbsp; Your agent is working on your behalf and knows this situation.&nbsp; They are complicated transactions and a sale is really hit or miss.&nbsp; As far as contacting the owner, that will not benefit you in any way.&nbsp; The owner doesn't have the control of the sale.&nbsp; The bank does.&nbsp; Keep in contact with your agent and keep looking, there are many homes coming onto the market.&nbsp; If this one doesn't work out,&nbsp;another will, good luck!&nbsp; Sun, 01 May 2011 21:55:00 GMT http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ 2011-05-01T21:55:00Z Marge-You just asked a great ... http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ Marge-<br/><br/>You just asked a great question, I do have a couple questions, is the house still listed on the MLS for sale as a short sale? Did your agent contact the other agent who has the short sale listing to ask how far they are into the foreclosure process? If it is still listed you could contact the agent who has it to see if the bank is still accepting offers. However, this home could be at the point where the bank has foreclosed on the property, and it could take month for it to be listed as an foreclosure, with a different agent. In this case, there is nothing you can do but sit and wait until it comes back on the market. Have your agent keep an eye on this home until it hits the market. I hope this helps.<br/><br/>Sincerely,<br/><br/>Michelle Kendall<br/>The Kendall Team<br/>Keller Williams Realty<br/>[Contact info removed by moderator] Sun, 01 May 2011 19:07:00 GMT http://www.zillow.com/advice-thread/How-do-you-act-on-a-short-sale-house-before-the-bank-forecloses/397225/ 2011-05-01T19:07:00Z