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1) Is there negotiation, or is it just yes or no to my offer?
The bank will tell you yes or no to your offer but there is room for negotiation especially if there are other liens on the property.
2) How long does it take to recieve a yes or no on your offer? The selling agent says there is an offer supposedly on the table.
It can takes days to weeks. The last short sale I was involved with dealt with a first and a second mtg. It took 4 weeks to get the offer accepted by both parties.
3) The lender can't come after me for the difference in the offer versus the previous mortgage balance can they? Is there a term to use in the contract to make sure I don't have that liability?
The owner/seller of the home is liable for the short. The bank/lien holders can go after them for the difference and/or they are to claim the amount of the short as income on their tax returns the following year. Each state is different so check the laws of your state. Also factored into the mix is whether or not the seller has claimed BK or not.
4) Does the house fall under the same catergories that if it fails inspections, etc, that I am out of the obligation?
This depends if your are buying the house "as is" or not. I would assume with a short sale you are buying it as is and you are welcome to do an inspection but don't expect to be able to ask for credits or repairs.
1) Is there negotiation, or is it just yes or no to my offer?
Negotiation, if any, is between Seller and Buyer. The lender is usually not part of this process
Quote:
Originally Posted by irish setter girl
The bank will tell you yes or no to your offer but there is room for negotiation especially if there are other liens on the property.
The "bank" (lender) will only look at THEIR loan. Part of the process that has to start at the listing is to contact ALL lenders (this is where the Agent comes in) -
Quote:
Originally Posted by irish setter girl
2) How long does it take to recieve a yes or no on your offer? The selling agent says there is an offer supposedly on the table.
From the seller?? A short time. From the lender? Unknown period of time
Quote:
Originally Posted by irish setter girl
3) The lender can't come after me for the difference in the offer versus the previous mortgage balance can they? Is there a term to use in the contract to make sure I don't have that liability?
Can anyone help me? My agent submitted a contract on my behalf that was listed for short sale. The seller did not put a short sale 'clause" or contingency in the contract before the sent it to the settlement company. The settlement company then sent me settlement papers for the condo. They stated that since they received a contract signed by buyer and seller that it was considered ratified- even without the banks approval. Apparently the seller has forwarded multiple contracts to the bank (is that legal?) and since my offer is on the lower side, I'm guessing I will not be the lucky winner. My question is- If the bank selects another contrat that has been submitted, do I have a legal leg to stand on (to sue for the property/or value of the property) since I have a "ratified" contract per the settlment company with no short sale clause?
I am waiting on a lender approval for a short sale. I am up against a cash offer of 370. We bid 20,000 higher but through a mortgage. We did not negotiate for anything we just offered higher we really want the house. What do you think our chances are?
I am waiting on a lender approval for a short sale. I am up against a cash offer of 370. We bid 20,000 higher but through a mortgage. We did not negotiate for anything we just offered higher we really want the house. What do you think our chances are?
That is likely sufficient to overcome a cash offer. That however does not get a short sale to work. Only gets you the house if it flies. Short sales fail between the bank and the owner...not the new buyer.
The home we are interested in is in short sale, we have been waiting going on 3 months. The seller's mortgage is through Countrywide, I know its a disater right now, but how long is too long to wait. They have sent the appraiser out and the home is in negotiation according to our realitor. My husband is getting impatient and I'm just ready to move before our twins birthday in June. Our contract is up on the 20th of this month and we really like the house, its perfect for our family, should we extend the contract or just forget it? We qualified for the USDA loan and we do not have to have money down and the seller is paying the closing, would it be better if we had money down? Help, need some answers please anyone who can tell me something.
The home we are interested in is in short sale, we have been waiting going on 3 months. The seller's mortgage is through Countrywide, I know its a disater right now, but how long is too long to wait. They have sent the appraiser out and the home is in negotiation according to our realitor. My husband is getting impatient and I'm just ready to move before our twins birthday in June. Our contract is up on the 20th of this month and we really like the house, its perfect for our family, should we extend the contract or just forget it? We qualified for the USDA loan and we do not have to have money down and the seller is paying the closing, would it be better if we had money down? Help, need some answers please anyone who can tell me something.
We are in negotiation stage from CW as well. We have decided to wait a bit longer, have been waiting 3 months as well.
If CW has appraiser out you can expect something to pop. It means they have decided that they likely should go for the short but have not yet decided how much is enough.
Hold if you can. You should at the least get a counter and. if the price is months old, likely an acceptance.
Thanks again for the help! Having the owner involved will not go well. Short story long, she is an idiot, and does not care about getting foreclosed on.
One more question......I am going to lowball the offer pretty good. I know what the original loan on the home was years ago, and they are asking more now, and the house is in bad condition (cosmetic work, carpet, paint). So in my opinion it's not even close to worth what the original loan is. The market here is not strong so I think the seller was just hoping to get out with some cash. I figure I have nothing to lose by doing so. Am I wrong?
Foreclosures are tough too. Your short sale seems to be a real headache for you and the owner sounds like she wants a lot so I would just go for the low-ball pricing and not a bit more.....You never know what the real job entails until the interior is ripped apart. You are not wrong on the low-ball....I do at times and it works sometimes...
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short sal in northern virginia
