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Can they (bank) consider all later offers if an earlier offer was signed by the seller? What time frame do you put on a short sale offer in which to get a response? I think my realtor put 60 days, not sure if that was for the seller response to offer or bank response to approval?
Sorry Glenn. I think you and I are shopping in the same threads right now.
My realtor put "open" for the response time. The listing agent told her it could be 60-90 days before I hear if the bank even accepted the offer, maybe sooner. But the house was JUST listed three days before I made my full asking price offer, so there was no other offers before me to get the time-frame ball rolling. If the house has been on the market awhile, you may have a quicker response time. I've heard some people on here say it took as little as 2.5 weeks and others took 4 months.
As for all late offers, I got a funny feeling you'll have to wait for the first one to fall through if the seller already accepted it (which many buyers do get impatient and back out). However, I have heard the same conflicting information you have about 3 offers being submitted to the bank. One may be a cash offer, one a loan with a big downpayment, and one for above asking with a little downpayment (for examples) and then the bank decides. Maybe it depends on the listing agent? I dunno...
I stopped looking after going into contract with the seller on a short sale (12/27/08). We've been searching for 2 years and are very picky. We got tired of looking and was just about to give up until I saw an ad on craigslist for the house. We were approved 2 weeks ago and closing date is scheduled for 4/20/09. Hopefully everything goes smoothly.
I stopped looking after going into contract with the seller on a short sale (12/27/08). We've been searching for 2 years and are very picky. We got tired of looking and was just about to give up until I saw an ad on craigslist for the house. We were approved 2 weeks ago and closing date is scheduled for 4/20/09. Hopefully everything goes smoothly.
Thanks for the glimmer of hope for the rest of us!
If you don't mind my asking- what was list price and what price did the bank accept? Did they try to get you to go above asking? (that's the phase I'm in right now)
The seller bought the house in 2005 for 645,000. It was listed at 550,000 and generated multiple bids. There were 2 buyers that put in a higher offer than me, one at asking price and one a little bit less. Both buyers pulled out after Lehman Brothers went bankrupt and the sellers finally accepted my offer of 500,000.
The problem with my short sale is that there are 2 mortgages on the house, 1 for 500,000 (American Servicing Co. a.k.a. Wells Fargo) and another for 145,000 (Saxon). Having more than 1 mortgage was going to be more difficult but in the end, it was approved.
I would suggest that you keep looking while you're waiting for a response. Don't be disappointed if the bank rejects the offer, move on and find another house.
Can they (bank) consider all later offers if an earlier offer was signed by the seller?
Our Buyer's agent wrote the offer for us, and he put in a clause saying that once the Seller signs the offer, they can not show the house to anyone else and can not accept other offers.
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What time frame do you put on a short sale offer in which to get a response? I think my realtor put 60 days, not sure if that was for the seller response to offer or bank response to approval?
Our Buyer's agent said that he is putting 60 days, but he said that it really makes no sense and it is up to the original lender (Bank) to decide how soon they want to approve the short sale.
Thanks for the glimmer of hope for the rest of us!
If you don't mind my asking- what was list price and what price did the bank accept? Did they try to get you to go above asking? (that's the phase I'm in right now)
Thanks!
The first house we looked at that was a short sale, the list price according to the printout that the listing agent had was $230k.
After seeing the house, we said we sort of liked the house, and she kept insisting that we put in an offer the same day as they already had another offer and she can find out how much the other offer is for.
Later that evening she called up again saying that the other offer is within $5k of the list price and we should hurry up.
The next day when we were looking at houses online, we found the same house listed at $200k.
Looks like the listing agent was out to make a killing out of an unsuspecting buyer.
That house is still on the market an the price has dropped further.
Be very careful when they ask you to go higher on your offer, check the price on multiple websites.
After seeing the house, we said we sort of liked the house, and she kept insisting that we put in an offer the same day as they already had another offer and she can find out how much the other offer is for.
Later that evening she called up again saying that the other offer is within $5k of the list price and we should hurry up.
The next day when we were looking at houses online, we found the same house listed at $200k.
Looks like the listing agent was out to make a killing out of an unsuspecting buyer.
WoW! Scary...I did put in a full price offer and feel good about it, but that makes me wonder. How very very horrible that someone would do that
My husband and I put in our offer for a short sale on March 23rd, 2009 (full asking price). The seller accepted our offer on March 28th, 2009. The bank accepted our offer April 18th and asked for proof of funds. We submitted them 2 days ago. I'm just anxious to get this closed. I wonder how long it will take for the bank to verify funds and set a closing date. We love this house!!! So suprised it took approx. 3 weeks to get an approval from the bank. For those waiting for an answer, there is hope.
Just got an answer on our offer.
The bank wants more $$, doesnt want to pay any closing costs, and wants to sell the house "as-is", plus wants us to get a mortgage only from them
They really pushed their luck too far, we gave up on this house.
My husband and I put in our offer for a short sale on March 23rd, 2009 (full asking price). The seller accepted our offer on March 28th, 2009. The bank accepted our offer April 18th and asked for proof of funds. We submitted them 2 days ago. I'm just anxious to get this closed. I wonder how long it will take for the bank to verify funds and set a closing date. We love this house!!! So suprised it took approx. 3 weeks to get an approval from the bank. For those waiting for an answer, there is hope.
You lucky dog! That was SO fast! I'm GREEEEEEN with jealousy! Congrats!
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