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Old 08-18-2008, 01:13 PM
 
25 posts, read 54,714 times
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Can anyone give me some advice? I put in a offer for a home in Maryland that was a short sale. The house is not listed with the agent that I'm working with. When I put in the offer the other Realtor told my agent the bank would definitely accept my offer. It's now 3wks later and she is still saying she has not heard anything from the bank yet. She called my agent on Saturday and told him that she has a client that put in a offer that is much higher then mines and I should withdraw my offer. She also refuses to tell us how much her client offered so I cant counter offer. I told my agent DO NOT withdraw because anything is possible. Last night I found out that the bank did not accept the selling price 0f 229k as a short sale in the first place. All this time she lead us to believe the bank already accepted the house as a short sale. Is their anything I can do? Is there a way that I can find out what bank it is?
I'm aware the bank will accept the highest offer but I still want to hang in there anyway. Thanks any information will be appreciated
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Old 08-18-2008, 03:05 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,596,336 times
Reputation: 249
Well, perhaps there is a little miss communication. The listing agent cant accept the offer without their client accepting. In this case the bank would have to accept the offer. Typically short-sales take 45-60 days to get a reply/acceptance. It is normal for the listing agent to not hear anything, as the bank could careless to tend her inquiries. They will get to it when they do. Most banks/lenders are just to back logged to respond quickly and efficiently.

As far as the listing agent is concerned, if they do have a counter-offer she shouldn't have disclosed that information unless her client gave her permission to do so. But since she did, she should be able to disclose the higher offer. Most likely the bank would favor a bidding war and would want to give you the opportunity to counter. Like you told your agent, I would definitely, not withdraw your offer. What happens if that other person does or the deal falls through? I wouldn't blame the listing agent for the short sale price of 229k either. This is why:

A friend of mine called his mortgage company, chase, he asked to defer his payments for a few months. They told him, they would not work with him until he is 3 payments behind. He has never made a late payment over. Just was hoping they would work with him. I am getting to my point. (His home is listed for sale) The lady on the phone told him he could offer deed in lieu and he was approved for a short sale. She knew nothing about the property, but told him he could do that. He asked why he would short sale it. She replied they are approving all properties to be short sales. He told her, he had equity in the property. She said thats ok, you can still short sale it. LOL. For those of you who dont understand. In order for a short sale to happen the Borrower must owe more than the property is worth. Now to my point. The chase rep, didnt even understand/know the basic concepts of a short-sale and she was an employee phone rep in chases special department for people in this situation.

The realtor probably talked to someone that said oh yea, we are accepting all offers. So she just relayed it.

As far as finding the bank who holds the lien, you may be able to in the county records. But this depends solely on how well the county keeps up with documents.
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