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Old 06-10-2010, 09:52 AM
 
19 posts, read 50,387 times
Reputation: 20

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Thinking of putting in an offer on a short sale in Leesburg. Please share success or failure stories and whether you think it is worth it?

I can wait a month to hear back about anything longer than a month will make me withdraw. Can it happen within one month?

Details of home:

- 1 bank (Wells Fargo)

- an offer was submitted and then withdrawn, bank is working on that offer

List price is ~350k and I am offering 333k (cash deal)...
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Old 06-10-2010, 10:01 AM
 
Location: Fortbend County
164 posts, read 364,356 times
Reputation: 82
Quote:
Originally Posted by USCgrad View Post
Thinking of putting in an offer on a short sale in Leesburg. Please share success or failure stories and whether you think it is worth it?

I can wait a month to hear back about anything longer than a month will make me withdraw. Can it happen within one month?

Details of home:

- 1 bank (Wells Fargo)

- an offer was submitted and then withdrawn, bank is working on that offer

List price is ~350k and I am offering 333k (cash deal)...
It usually taks 3 to 4 months to get bank approval, could be 1 year.
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Old 06-10-2010, 10:23 AM
 
Location: Sterling, VA
1,059 posts, read 2,962,366 times
Reputation: 633
Quote:
Originally Posted by USCgrad View Post
Thinking of putting in an offer on a short sale in Leesburg. Please share success or failure stories and whether you think it is worth it?

I can wait a month to hear back about anything longer than a month will make me withdraw. Can it happen within one month?

Details of home:

- 1 bank (Wells Fargo)

- an offer was submitted and then withdrawn, bank is working on that offer

List price is ~350k and I am offering 333k (cash deal)...
A cash offer will move you to the head of the line.
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Old 06-10-2010, 01:16 PM
 
167 posts, read 496,043 times
Reputation: 93
Quote:
Originally Posted by Margery View Post
A cash offer will move you to the head of the line.
I totally agree. I don't know if it is always true but a friend of mine made a cash offer on a short sale. It took him 3 weeks from the day he submitted the offer til the closing date. I was under contract for an approved short sale for about 2 months. I didn't get an approval and the listing agent said it was delayed because the bank wanted more money. So I decided to walk away. It can be a very YMMV but you have a good chance of getting done quickly with cash offer. I'm just speaking from my experience and my friend's experience. I'm not a realtor, so please take it for what it's worth.
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Old 06-10-2010, 01:21 PM
 
380 posts, read 1,062,454 times
Reputation: 203
Only 35% of short sales actually close.
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Old 06-10-2010, 01:55 PM
 
Location: Fortbend County
164 posts, read 364,356 times
Reputation: 82
Quote:
Originally Posted by Margery View Post
A cash offer will move you to the head of the line.
Last year I offered cash to the listing agent, but he turned down my offer, because he got other offers more than the listing price.
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Old 06-10-2010, 02:09 PM
 
Location: In the woods
3,315 posts, read 10,089,114 times
Reputation: 1525
My realtor told me that short sales can take anywhere from six weeks to six months.

I was interested in a house last year that was a short sale. There was already ratified contract on it. After 8 months, the Seller got sick and tired of waiting and moved on. I saw the house re-listed and my realtor told me it was back on the market. Since the 1st Seller had already gone through the hoops with the bank (that owned the house), he believed that "my" sale would move quicker. However, there is no guarantee. A new Seller means that the bank could start the process all over again. However, we received good news from the Negotiator (who mediates between the bank and the Seller) that the bank was willing to forego the arduous process and we'd move faster on the sale.

I put in an offer over the Asking Price. It was accepted. We did the home inspection before ratifying the contract so that the repairs would not be a contingency in the deal. However, I withdrew my offer because I found a better deal.
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Old 06-10-2010, 02:26 PM
 
Location: Washington, DC
4,320 posts, read 5,136,009 times
Reputation: 8277
You'll probably be expected to pay all closing costs because the sellers have no money to put up. Or so your agent will tell you... never trust your agent btw, few vocations are slimier than real estate agents.
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Old 06-10-2010, 06:20 PM
 
Location: Sterling, VA
1,059 posts, read 2,962,366 times
Reputation: 633
Quote:
Originally Posted by Back to NE View Post
You'll probably be expected to pay all closing costs because the sellers have no money to put up. Or so your agent will tell you... never trust your agent btw, few vocations are slimier than real estate agents.
Please tell us what you do for a living so I can make disparaging remarks about your vocation. It takes real courage to post anonymously
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Old 06-11-2010, 09:37 AM
 
76 posts, read 189,262 times
Reputation: 38
Quote:
Originally Posted by Back to NE View Post
You'll probably be expected to pay all closing costs because the sellers have no money to put up. Or so your agent will tell you... never trust your agent btw, few vocations are slimier than real estate agents.
Wow... my real estate agent is absolutely amazing. Shes jumped through way more hoops than expected for us. Has been totally and completely honest with us on what we can expect with every house we've looked at. And hes become a really close friend through the long process of our short sale.... Sucks for you that you've had a bad experience.


to the OP.... Were now 2 1/2 months in since our original offer was accepted by the sellers. about 4 weeks ago we were told we were really close to getting approval and then our negotiator was fired and a new one was reassigned... and now... were STILL waiting for our approval. I have heard that cash offers move quickly, but i wouldn't get your hopes up about closing that quickly.
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