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Old 03-15-2012, 01:31 PM
 
72 posts, read 170,802 times
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Hi!
I just put an offer on a house that's a potential short sale,the asking price is 161,000 and i offer 140,000, i'm pre approved already,the house it's been on the market for 171 days,is my offer to low? I haven't heard anything from the listing agent that told us that there's several offers,i's been 5 days
Thanks in advance!!
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Old 03-15-2012, 02:00 PM
 
28,461 posts, read 79,343,640 times
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Without knowing what the price of other nearby homes of similar age, size and condition it is impossible to know if your offer is too low, too high or just right. Sadly even if your offer is "just right" based on comparisions to recently sold properties there are still an awful lot of lenders in terrible disarray and they may not respond to the seller in a timely manner -- in short atttempting to buy a shortsale is a very haphazard and frustrating process.
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Old 03-15-2012, 02:01 PM
 
25 posts, read 223,328 times
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sounds like they are waiting for higher offers or telling you other offer are there just to make you raise your offer. If you like the house offer more, if you don't care look for another house and if this ones comes through then good. Even when it is accepted by the seller and agent it could take months for the bank to approve/reject your offer. Look at the short sale timeline threads to get an ideal of others.
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Old 03-15-2012, 06:20 PM
 
72 posts, read 170,802 times
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Thank you for all your responses,the comps around even in the same community are from 120k and up.
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Old 03-28-2012, 05:01 PM
 
72 posts, read 170,802 times
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How long you suppose to wait to get a response after submitting an offer on a short sale? Why don't they tell you right away whether they rejected or accepted?
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Old 03-28-2012, 07:45 PM
 
Location: Mostly in my head
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Because they don't. It could take months.

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Old 03-28-2012, 07:49 PM
 
114 posts, read 761,267 times
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Quote:
Originally Posted by antifeik View Post
How long you suppose to wait to get a response after submitting an offer on a short sale? Why don't they tell you right away whether they rejected or accepted?
A reputable realtor should take all the offers received to the seller within a few days to a week. I don't know if there is a set timeline that they have to submit the offers to the seller, but I wouldn't trust a realtor that takes longer than a week. They are just fishing for higher offers. If your offer is not accepted or rejected in two weeks, I would just move on, you probably don't want to deal with this realtor.

So far my short sale experience has been fairly pleasant, the seller, seller's realtor and my realtor have all been in constant contact and working together.
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Old 03-28-2012, 09:00 PM
 
72 posts, read 170,802 times
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Quote:
Originally Posted by Mmiller741 View Post
A reputable realtor should take all the offers received to the seller within a few days to a week. I don't know if there is a set timeline that they have to submit the offers to the seller, but I wouldn't trust a realtor that takes longer than a week. They are just fishing for higher offers. If your offer is not accepted or rejected in two weeks, I would just move on, you probably don't want to deal with this realtor.

So far my short sale experience has been fairly pleasant, the seller, seller's realtor and my realtor have all been in constant contact and working together.
I mean,we even offer above the asking price 3 days ago and haven't heard anything from the listing agent,I hope we are dealing with a deligent agent,no wonder the economy is mess up....
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Old 03-30-2012, 09:26 AM
 
Location: Barrington
61,424 posts, read 42,099,525 times
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Have the sellers qualified for a short sale? A BPO? Is there more than one mortgage on the property? Did the owners take premature equity out of the house? Are you in a recourse state?

It can takes month to hear back on a short and nothing is certain.

Increased certainty of closing ( a traditional sale) will likely cost more.

There's a risk/reward thing, here.
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Old 03-30-2012, 09:55 AM
 
72 posts, read 170,802 times
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Quote:
Originally Posted by middle-aged mom View Post
Have the sellers qualified for a short sale? A BPO? Is there more than one mortgage on the property? Did the owners take premature equity out of the house? Are you in a recourse state?

It can takes month to hear back on a short and nothing is certain.

Increased certainty of closing ( a traditional sale) will likely cost more.

There's a risk/reward thing, here.
The listing agent haven't give us a response whether the seller accept or rejected our offer,i know agents fish for offers,but isn't this unethical?
We even offer above asking price,ugh
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