Zillow Advice: Buying a Foreclosure - We put an offer in on a short sale that foreclosure proceedings have started on, and I believe made http://www.zillow.com/advice-thread/We-put-an-offer-in-on-a-short-sale-that-foreclosure-proceedings-have-started-on-and-I-believe-made/517855/ Zillow Advice | Zillow Real Estate Well, in reviewing the contract ... http://www.zillow.com/advice-thread/We-put-an-offer-in-on-a-short-sale-that-foreclosure-proceedings-have-started-on-and-I-believe-made/517855/ <p>Well, in reviewing the contract re our offer, it appears as though the offer may no legally be considered withdrawn.&nbsp; I say this because the offer was submitted on 10/2/13, and in the section titled "TIME FOR ACCEPTANCE OF OFFER AND COUNTER-OFFERS; EFFECTIVE DATE: (a) If not signed by Buyer and Seller, and an executed copy delivered to all partied on or before 10/6/2013, this offer shall be deemed withdrawn and the Deposit, if any, shall be returned to Buyer.&nbsp; Unless otherwise stated, time for acceptance of any counter-offers shall be within 2 days after the day the counter-offer is delivered.&nbsp; (b) The effective date of this Contract shall be the date when the last one of the Buyer and seller has signed or initialed and delivered this offer or final counter-offer ("Effective Date").</p><p>So, I am assuming that the fact that is says this.... (a) If not signed by Buyer and Seller, and an executed copy delivered to all partied on or before 10/6/2013, this offer shall be deemed withdrawn and the Deposit, if any, shall be returned to Buyer.&nbsp; Unless otherwise stated, time for acceptance of any counter-offers shall be within 2 days after the day the counter-offer is delivered...without any sort of counter-offer or signed approval means that our initial offer is now considered withdrawn.&nbsp; Is this accurate?</p><p>Does this mean that if we opted to make another offer on this property, we could do so via our new realtor?</p> Tue, 05 Nov 2013 23:36:00 GMT http://www.zillow.com/advice-thread/We-put-an-offer-in-on-a-short-sale-that-foreclosure-proceedings-have-started-on-and-I-believe-made/517855/ 2013-11-05T23:36:00Z First of all the BANK IS ... http://www.zillow.com/advice-thread/We-put-an-offer-in-on-a-short-sale-that-foreclosure-proceedings-have-started-on-and-I-believe-made/517855/ First of all the BANK IS NOT THE OWNER, the seller is the current owner of the property...<em>that is who you negotiate with</em>.<br/><br/>Offers go to the seller who picks&nbsp;ONE offer, signs it and then it goes to the bank to be approved as the bank is taking less than is owned on the property.&nbsp;(which is why it is called a short sale)<br/><br/>The order in which the offer was received does not matter, however if an offer is accepted by the seller you have a mutually accepted&nbsp;contract which cannot be trumped by&nbsp;someone else's&nbsp;higher offer.&nbsp; You are first in line until you choose not to be or unless the foreclosure beats the short sale approval.<br/><br/>Yes, you are stuck with the agent that submitted your offer and the first response is incorrect; David is correct.<br/><br/>Eve<br/> Mon, 04 Nov 2013 16:02:00 GMT http://www.zillow.com/advice-thread/We-put-an-offer-in-on-a-short-sale-that-foreclosure-proceedings-have-started-on-and-I-believe-made/517855/ 2013-11-04T16:02:00Z The bank will entertain all/any ... http://www.zillow.com/advice-thread/We-put-an-offer-in-on-a-short-sale-that-foreclosure-proceedings-have-started-on-and-I-believe-made/517855/ The bank will entertain all/any offers on the property and choose whichever one is the most advantageous for the bank. &nbsp;They are looking for the easiest, highest, and least complicated deal. For instance the other offer could be higher, but have contingencies in the contract that you aren't aware of. If the bank can get what they are asking for with a quick close and little headache-that's the one they will go with. &nbsp;So beyond the issue of procuring cause (which the initial realtor would be entitled to), the bank may decide to pass on your offer if they see too many complications.<br/>Hope this helps, Sean Hyland, Realtor, SFR&nbsp; Mon, 04 Nov 2013 15:51:00 GMT http://www.zillow.com/advice-thread/We-put-an-offer-in-on-a-short-sale-that-foreclosure-proceedings-have-started-on-and-I-believe-made/517855/ 2013-11-04T15:51:00Z Yes, you would be required ... http://www.zillow.com/advice-thread/We-put-an-offer-in-on-a-short-sale-that-foreclosure-proceedings-have-started-on-and-I-believe-made/517855/ Yes, you would be required to work with the original Realtor if your offer is accepted or if the bank decides to make a counter-offer.<br/><br/>I disagree with the other response you received. &nbsp;You should NOT make another offer on the same property with a new Realtor. &nbsp;I'm not a lawyer but I believe the term "procuring cause" comes into effect in this scenario. &nbsp;Your original Realtor is entitled for compensation for their efforts on this property.&nbsp; Mon, 04 Nov 2013 15:37:00 GMT http://www.zillow.com/advice-thread/We-put-an-offer-in-on-a-short-sale-that-foreclosure-proceedings-have-started-on-and-I-believe-made/517855/ 2013-11-04T15:37:00Z The bank is not required ... http://www.zillow.com/advice-thread/We-put-an-offer-in-on-a-short-sale-that-foreclosure-proceedings-have-started-on-and-I-believe-made/517855/ The bank is not required to deal with you at all and can ignore you, being 1st or 5th makes no difference to the bank. They might deal, they might not and keep moving towards the foreclosure auction. <br/><br/>The other part about the Realtors is a bit more complicated and confusing. You are more likely to get a multiple offer notice if there are more offers and they will ask for your highest and best offer. You can just enter a new offer with the new agent then, the bank could not much care who your agent is at this point. Your first agent could make a problem out of it. Normally you sign an agent agreement when making an offer and it usually has a start stop date, this agreement gives the agent the right to act as your agent. Make sure you don't have two agents under contract with you or there will be problems.<br/><br/><br/>tim Mon, 04 Nov 2013 15:31:00 GMT http://www.zillow.com/advice-thread/We-put-an-offer-in-on-a-short-sale-that-foreclosure-proceedings-have-started-on-and-I-believe-made/517855/ 2013-11-04T15:31:00Z