Nervous about an offer (short sale, loan, houses)

[iehomebuyer]

I just submitted an offer with the listing agent on a fannie mae property that was listed a few days ago for 350K which is market value. But I offered 320K and I will pay the closing costs. My loan is conventional and I put down 70K down payment and 25k earnest monies. No appraisal contingency. I have a 10 day inspection contingency and financing contingency only. My and my husband's fico score is about 800. Now I'm nervous that my offer might be too low and the area is competitive. I really like the house and if we could afford more, we would've offered more. Waiting for a response is nerve wrecking. Do you think we have a chance to get this house? Any thoughts or suggestions? Thank you.

[dweej]

That's a lot of down payment and earnest money! If 320K is a good offer for that neighborhood based on recent sales, then I think you should get it, but if not....if 350K is "low already", it's hard to say. What does your realtor say?

[iehomebuyer]

Thanks for your response. My realtor doesn't have much to say on this. I guess because she's the listing agent.

[dweej]

This market is tough because of some realtors- they want to make the most they can off the sale, and no one can really say what these houses are "worth" because of the insane fluctuations, so they sit on low offers and don't even submit them to the banks and wait for something better to come along. I don't know if there's some way you can find out, but I'd want to have some sort of proof that she has actually submitted your offer to the bank that owns the home. It might sound awfully suspicious of me, but since she is also the listing agent and doesn't have another agent on her back making sure she does the right thing, there really isn't anyone for her to answer to. Does that make sense?

[iehomebuyer]

Makes sense. Thanks. Let's see what will happen.

[nmnita]

All you can do now is wait and see. At worst there will be a counter and you can then decide if you want to up the offer. If you really can't afford it, there are others home out there. Any of us older than mid life have gone through the same thing more than once. As both an X realtor and a buyer many times over, we have seen deals fly we thought would be laughed out and good offers turned down.

Nita

[bhcompy]

Just keep the pressure up with phone calls to get a decision so you can move on if you have to(unless of course its a shortsale, which means they dont care how long the house rots)

[nmnita]

Originally Posted by bhcompy

Just keep the pressure up with phone calls to get a decision so you can move on if you have to(unless of course its a shortsale, which means they dont care how long the house rots)

Our granddaughter is involved in a short sale right now. They made the offer almost 2 months ago. The sellers accpected it, but as of a few days ago no word from the bank. It was a full price offer. Originally they were hoping to close by the end of this month. Obviously that is not going to happen.

Nita

[iehomebuyer]

I can imagine the wait on a short sale. Ours is not a short sale, however. It's owned by Fannie Mae.

[bhcompy]

unapproved shortsales can take forever. we were told 6 months on a response for an unapproved shortsale in temecula this summer. the price was around 100/sqft, which was inline with comps, but the bank is more than happy to take its time. approved shortsales, on the other hand, can be quick. the house we opened escrow on(also in temecula) was an approved shortsale already. it only took 2 weeks for the bank to review us and agree to our terms