Can you re-submit an offer on short sale?? (tenant, investment, mortgage) - Foreclosures, Short Sales, and REOs - - City-Data Forum

oregonchickfan · 02-07-2008, 03:53 AM

I had put in an offer on a short sale (ss was not disclosed until I put in the offer) on 12/31. My offer was at my max, which was $10k below the asking price. The bank finally countered today with $10k above the asking price. With all of the info that I have read on this forum and others, that was not a surprize.

I was told that my offer was the best one, so can I re-submit my original offer? If so, how soon? And will I have to wait another 45 days to hear from the bank? My realtor seems irritated with the listing agent, would it even be worth it?

Thanks in advance for any advice and answers you might have.

bentlebee · 02-07-2008, 04:50 AM

We made an offer $ 11 K under asking price with a tenant in it, which we prefer since it is an investment property. The seller didn't want to give us the name, etc, of the tenant so we decided that without a tenant for us the price should be lower and made a new offer $ 14 K under asking price, than we got word that it could take up to 90 days before getting an answer and the realtor wanted to do an addendum, we told him our offer would be $ 18K under asking price. We are closing next week on the property for $ 18 K under asking price, but the seller agreed to a judgment with the investor of Country Wide for $ 23,500 so the selling price in total will be a "normal" sales price in that neighbor hood although with get a great deal which only people involved know, so if you look on the websites you will think it sold for the price we are paying. The realtors I spoke with had never heard from this, so it seems that lenders and their investors are getting creative. It was a short sale but to my surprise the seller was not having a lis pendens or behind in mortgage payments. Even the property taxes were paid.
Hope this might help. So you can resubmit. One more thing, the lender (if we can believe the sellers realtor, I never saw anything on paper) came back first with a counteroffer for full asking price, which we declined and we told the realtor, we are still interested but aren't going one penny higher, so just let us know if you want to move on or...

oregonchickfan · 02-07-2008, 10:50 AM

Thanks bentlebee....I left a message for my realtor a few minutes ago, asking if I could re-submit the same offer again, and if she would be willing to do it. I like the home, but my realtor has been extremely helpful and has gone out of her way (imo) to work with me, so I am hesitant about doing anything that would make her stop working with me.

I'm hoping that this time it won't take so long to get an answer back from the bank. They already have the BPO (which I asked how much that came in at also) and have had a few offers recently, so it should be a piece of cake.

*I know I'm dreaming on that one*

bentlebee · 02-07-2008, 11:28 AM

Quote:

Originally Posted by oregonchickfan

Thanks bentlebee....I left a message for my realtor a few minutes ago, asking if I could re-submit the same offer again, and if she would be willing to do it. I like the home, but my realtor has been extremely helpful and has gone out of her way (imo) to work with me, so I am hesitant about doing anything that would make her stop working with me.

I'm hoping that this time it won't take so long to get an answer back from the bank. They already have the BPO (which I asked how much that came in at also) and have had a few offers recently, so it should be a piece of cake.

*I know I'm dreaming on that one*

Try not to get emotional involved, otherwise you might up paying to much

New deals will come. Maybe even nicer or better.

oregonchickfan · 02-07-2008, 03:06 PM

Quote:

Originally Posted by oregonchickfan

I had put in an offer on a short sale (ss was not disclosed until I put in the offer) on 12/31. My offer was at my max, which was $10k below the asking price. The bank finally countered today with $10k above the asking price. With all of the info that I have read on this forum and others, that was not a surprize.

I was told that my offer was the best one, so can I re-submit my original offer? If so, how soon? And will I have to wait another 45 days to hear from the bank? My realtor seems irritated with the listing agent, would it even be worth it?

Thanks in advance for any advice and answers you might have.

The listing price has just been raised on this home to the amount that the bank countered me at. Is this a normal practice? Should I stil re-submit my offer?

bentlebee · 02-07-2008, 04:41 PM

Quote:

Originally Posted by oregonchickfan

The listing price has just been raised on this home to the amount that the bank countered me at. Is this a normal practice? Should I stil re-submit my offer?

Why not

If they aren't getting any more offers they might reconsider. In my area they didn't take one offer and months later they lowered the price to what the potential buyer was offering back than, but now the lender lost the buyer and the property is still empty

palmcoasting · 02-08-2008, 05:57 AM

In my area, no, it's not normal practice. It shouldbe but most sales associates here leave it at the lower price or know what the bank said they would take and lower it between $10-15K. All that's happened is the sales associate knows what the bank will take and they and the seller have decided to put it out at that price.
To answer your question, yes. You can resubmit. There are some people here on the board a little more experienced in the method to a particular lenders madness that might tell you how long to wait or if to do it right away.
As for your Realtor® being a little irritated with the other sales associate, I'm quite sure it's because the other one didn't reveal upfront that it was a short sale when she listed it. In my association that's a BIG no-no. I'm sure your Realtor® would do whatever it is you would like her/him to.