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Old 06-20-2012, 10:44 AM
 
180 posts, read 391,682 times
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From what I have read lately it seems that there are more short sales than reo's these days and banks are accepting them quicker. If a short sale property has a contingent offer on it is it possible to submit another offer to the bank? Can a real estate agent approach a owner of a home and ask if they would be willing to short sell it as they have clients interested in it?
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Old 06-20-2012, 11:45 AM
 
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Anecdotally, it does seem like short sales are getting approved more quickly nowadays.

If a short has an offer on it currently (it's contingent), you can't have your offer presented to the bank. You can give a backup offer, but that would only apply if the original offer falls out for whatever reason (bank wants more than the buyer wants to pay, buyer backs out, etc.).

An agent could ask a homeowner if they want to short sell. You can ask anyone anything anytime , but I've never actually seen that happen. Personally if I was an RE agent, I wouldn't do that, because there are so many potential legal, tax, and financial repercussions from a short sale, I wouldn't want to be the guy who "told you everything would be OK" if you short sold. Short selling is something seller needs to decide on their own, IMO.

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Originally Posted by NU2LV View Post
From what I have read lately it seems that there are more short sales than reo's these days and banks are accepting them quicker. If a short sale property has a contingent offer on it is it possible to submit another offer to the bank? Can a real estate agent approach a owner of a home and ask if they would be willing to short sell it as they have clients interested in it?
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Old 06-20-2012, 12:18 PM
 
180 posts, read 391,682 times
Reputation: 44
Here is the article I was referring to
Short sales now eclipse foreclosures in Las Vegas - Business - ReviewJournal.com
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