Buyers agent should be assisting you with all your questions

If you placed an offer on short sale May 09 now went to foreclosure your short sale offer was not accepted yes you would need submit another offer.

However not seeing all in writing and etc difficult render an opinion your behalf. I recommend keep looking for another home

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

The bank has a number of differnt groups working the case at the some time. The main ones you are concerned with is the loss mitigation and foreclosure departments. The foreclosure department is focused on getting the loan to the foreclosure sale in a timely manner. The loss mitigation is suppose to complete work outs such as short sales or modifications to mitigate losses for the investors and the mortgage companies. The loss mit department should work with the foreclosure department to work cases such as yours. However, there are a number of communication break downs unless your agent is following up all the time. Even with the follow ups the mortgage company may let it go to foreclosure sale. Depending on the loan type will determine how and who your offer will be made to as a reo if this does not work. Hopefully the same company you are dealing with now will be selling the reo.

Good Luck

Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield, Wisconsin

Hello J,

You would think that these banks would get tired of shooting themselves in the foot, but whatever makes you feel good. I agree with Missy. Your offer would be null and void if it goes to the sheriff sale where the home will sit there for a while till they get posession. Which could be months. I give alot a credit to your patience for playing the waiting game of short sales. When I work with clients who want to put an offer in for a short sale I explain that this could take months to recieve an answer of NO from the bank. They run out of patience most of the time and we move on to the next. If you have any other questions feel free to contact me by phone or e-mail. I assume you are working with an agent who has informed you of the short sale process, Have patience or move on.

Best Regards,
Mike Stawizky
Keller Williams Realty
Commercde Market Center
(248) 980-4406

J,

Welcome to the world of "make believe." Where almost anything goes and people's feelings are regularly disregarded....in these situations banks have frequently done the unexpected, unreasonable, often becoming lost within their own made up world of undefined precedures.

An REO would involve a new purchase offer.

Good luck

No the bank can do what they want too.
If no offer is accepted before the day of redemption, then it will be put on the market by the bank. But, it doesn't happen on exactly that day.
Yes you can offer with the REO property, but it is a new offer.
If it is priced really low then many times multiple offers come in and you may have to go over asking price. Just depends.
My clients just closed on a home for only 8000 more than what was offered during a short sale months before.