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Hi Everyone,
I will check responded to my original thread, I don't want anyone who replied to think I'm just ignoring them! But I also wanted to update my situation with a new thread. My title says it all- we really want this house and were disappointed when we learned there were other offers. So I gave what I thinks a generous offer to give us the best chance of getting the house.
All offers had to be submitted by 5pm yesterday. We didn't hear anything today. Hopefully tomorrow, because it's Friday.
Do you all think we have a chance with that offer? The house needs a lot of work, but we already decided and told our agent that the only way we would back out is if it needed over 40,000 of necessary work just to be livable. So it's unlikely tha. We will back out- hopefully our agent told the bank that in our offer!
Patience...... you will have your answer soon enough.....
As for $40k worth of work??? I made an "unlivable" house livable for $1k once. I did everything myself. $40k is the price tag if you have no skills to do anything yourself and need to hire everything out.
Last edited by 399083453; 05-07-2015 at 07:11 PM..
The offers submitted on the house will be given to the sellers . It will be the sellers who will pick what they feel is their best offer. If they choose yours, you'll hear about it. They will then offer that contract to the lender for short sale approval. So even if the seller picks your offer, you may still have a very long way to go before you hear back from the lender. There is no guarantee that the bank will approve the sale.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by willow wind
The offers submitted on the house will be given to the sellers . It will be the sellers who will pick what they feel is their best offer. If they choose yours, you'll hear about it. They will then offer that contract to the lender for short sale approval. So even if the seller picks your offer, you may still have a very long way to go before you hear back from the lender. There is no guarantee that the bank will approve the sale.
Yes, this. If the sellers owe $325,000, for example, the bank may hold out for more or choose to foreclose and send to auction or sell themselves. The short sale price listed is determined by the realtor and seller and not the bank, who has to agree to it.
The bank has already approved the sale price if 137k. Actually, there was a sale pending in March for 150k, but the sale apparently fell through and the house went back on the market. So it seems now it's just the decision of who gave the best offer.
Oh- our offer has no contingencies such as must sell our house first, because we are keeping our duplex and can live in it for as long as we need to. It is a cash offer, proof of funds already submitted.
Go take a vacation....but don't out it on your CC!
You'll hear in time...maybe a couple of weeks; maybe longer. Some admin type at a bank has it in their in box. When they get to it, ponder it, run it past committee, get it rubber stamped by a senior person, and get around to communicating back to your realtor, you'll have your answer.
You are playing with bureaucracy. Takes time...a LONG time.
Patience...... you will have your answer soon enough.....
As for $40k worth of work??? I made an "unlivable" house livable for $1k once. I did everything myself. $40k is the price tag if you have no skills to do anything yourself and need to hire everything out.
How long ago was this? Because 1k won't do much today. Considering we have no idea the condition of your house or your idea of unlivable and the condition of his house sorry but you can't compare the two.
I had a trashed rental that took 60k to redo. I had to get some contractors otherwise it would take a year to do by myself. The closet doors alone were 1200 bucks. And those were as basic as I could get. And the prices were great. And thst was with me doing a ton of the work
Couple of years ago. Yes, took awhile, but worth it.
Closet doors $1200? Sheeeesh, too rich for my blood. Last time I bought a closet door for my own house was $20 fifty year old door at the local ReStore (used building supplies) which I refinished.
The bank has already approved the sale price if 137k. Actually, there was a sale pending in March for 150k, but the sale apparently fell through and the house went back on the market. So it seems now it's just the decision of who gave the best offer.
Yeah, that was the situation with the short sale I bought too. There was a bank approved price that had been agreed to previously. I think that line ranks right up there with "sure I will respect you in the morning" or "this used car was owned by a little old lady who only drove it to church on Sundays"
Just because that price was approved in the past, that was then and this is know. I bet you will have to go through the whole stupid short sale process and wait 4-8 months.
Good luck though.
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