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I purchased a foreclosure that had been previously offered as a short sale. The original owners had accepted an offer (from someone else, not us) for approximately 90% of the mortgage balance in May, 2010. While that languished on someone's desk in the bank's short sale department, the house went into foreclosure at the end of July, thus cancelling the short sale contract. The house was re-listed in the middle of August for $17,500 LESS than the short sale contract. We jumped on it and made an offer the first day it was on the market and there was another offer that day, too - I assume from the short sale buyers but I am not sure. We had to put in our "best and final" offers - we upped our offer $4,000 and increased our earnest money and ended up getting it. I'm sure the short sale offer-ers were probably not real happy with the whole process. And how smart was the bank to lose $13,500 more than they had to?
Waited for 16 months, did home inspection, got money in escrow, the house has deteriorated since, so we renegotiated, got accepted, but still foreclosed (last minute).....now trying to get my earnest money back. It's a nightmare.
We put an offer in Nov 15th, accepted by the seller Nov 17th sent to the bank and we are still waiting. Apparently the bank sent an appraiser out to the property a couple weeks ago but there has been no word from the bank or the appraiser. The house is still listed as active, regular sale. We are just waiting.
Just received a counter offer from the sellers for 60k more than we offered. They are crazy the house won't appraise so now I will wait for the other 2 people with offers in to reject that and resubmit my offer at the same as what it was.
Looking34. The sellers countered higher after you have an agreement (accepted offer). Was it in writing? Confused.
I am too, supposedly the sellers accepted our offer and sent the offer to the bank, yesterday we got a call from our realtor and she read the counter offer from the sellers to me. I think the sellers are a little shady. I do trust my realtor I have known her since I was a kid (used to go to sleepovers with her daughter)
We had to put an addendum on our original offer that it was bank pending so I'm not sure how the sellers are involved again, unless my realtor mis-spoke when she said it was from the sellers and meant it was from the bank.
Looking34. The sellers countered higher after you have an agreement (accepted offer). Was it in writing? Confused.
Quote:
Originally Posted by looking_34
I am too, supposedly the sellers accepted our offer and sent the offer to the bank, yesterday we got a call from our realtor and she read the counter offer from the sellers to me. I think the sellers are a little shady. I do trust my realtor I have known her since I was a kid (used to go to sleepovers with her daughter)
We had to put an addendum on our original offer that it was bank pending so I'm not sure how the sellers are involved again, unless my realtor mis-spoke when she said it was from the sellers and meant it was from the bank.
What likely happened is that the seller's bank told the seller they would not approve the short sale unless it was $60K higher. The seller now needs to go back to the buyer to ask for a higher offer in the form of a contract addendum to change the price. Remember, the buyer only negotiates with the seller, not the bank. The bank will only talk to the seller.
Closed on a short sale late last month. Looked at the property back in late sept but didn't realize it was a SS until signing the offer later that night at agent's office. Since we were there already might as well but would continue looking. Finally heard back from seller's agent in mid Nov that they will accept our offer if we were still interested. Was also told they had a buyer walk at 198K but seller and bank will take our 190k. Probably saw close to 15 houses in the mean time but none seem promising. We liked the house so we went for it. Got written approval from bank about a week later. Was a little worry the house wouldn't pass FHA appraisal but no red flags were thrown. Closed on 28th of dec as bank requested.
jtavaj125 - Congrads! So it took 2 months for sellers to come back to you to accept, but once they submitted your offer to the bank, it was smooth sailing.
Put in an offer back during the first week of December on a short sale and it was accepted by the buyer at the 'bank approved price.'
-Waiting, waiting, and three weeks ago the bank came back and said market conditions had changed, and they wanted a higher price.
-Realtor told them they were crazy, if anything prices had gone down (we're in Florida).
-Bank then said original price was okay and we should have their approval letter in three days.
-That was three weeks ago.
It'll be a great deal and house for me if it ever gets to closing, but I admit the waiting is starting to bug me a little bit.
Upload docs and FINALLY complete all tasks & docs (correctly!) in Equator Jan 19 - what a hassle! lol - I will say it took time for seller to provide some of their info, though.
Assigned to a negotiator and Bank called for formal appraisal instead of just BPO on Jan 24
Appraisal done on Jan 27
Sellers HAFA paperwork is still in underwriting - has been there since at least Jan 13
To be continued!
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