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Naydine, Other/Just Looking in Riverside, CA

reference short sales again.

Asked by Naydine, Riverside, CA Thu Nov 6, 2008

I called the listing agent and he said the owner is not taking anymore offers but the bank is extending 60 more days for better offers, sounds fishy to me, maybe the agent is trying to get this house, what do you think?

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I recommend you work with an experienced buyer broker with short sale experience. The recent bailout actiion taken by Washington in response to the housing crisis has actually but a halt on the speed of transactions as the majority of lending institutions are waiting to see if the government is going to buy back their loans that are currently in default. Frankly, I seriously doubt the listing agent is "trying to get the house" and I encourage you to get representation so you can obtain the information you need to purchase a home in this buyer's market. Good luck. Emily Medvec
0 votes Thank Flag Link Fri Nov 7, 2008
Hi Naydine,

If you need a good buyer's agent in your area, call me or email me. I have agents all over the country that I refer business to. I would be happy to refer you to a great agent in your area. If you need an agent that is familiar with short sales, I can get one for you. Just let me know.

Len McGuirk, Realtor
Short Sale Specialist
Prudential Americana Group
~Las Vegas~
Direct: (702) 203-6688
LenM@AmericanaGrp.com
0 votes Thank Flag Link Thu Nov 6, 2008
Haydine: It is not unusual for lenders to extend their time for acceptance but 60 days is a bit high.Short Sales may take even more then 60 days after the offers come in. The listing agent is representing the seller and the Lender.If he wanted to buy that property he/'she would have done it a long time ago before it was listed.
At this point its a tougher situation.The lender will go to the highest bidder , the highest down payment ( or cash!) or the one with the best credit if its financed. The seller still has to approve (accept) any offers even though the Lender has the last word and is realy the one that counts. If you are not satisfied with your listing Agent then choose a Buyers Agent to represent you and only you.
I can refer you to a Buyer's Agent in your area who knows Short Sales and would only have Fiduciary duties to you..
As I told you just get another Agent if you are not satisfied with his/her services.A Buyer's Agent.You may still be able to make an offer or a back up offer as was told to you by Jessica but if this property has already a few offers I would give it my best shot. I have been involved in Short sales where the quality of the property was such and the asking price so interesting, that my client became the winner of this bidding war but had to offer $15,000 over the asking price. Make sure that you are provided with a detailed CMA.
Good Luck!

LLoyd Nichols
Right Choice Realty LLC
Fort Myers FL
cell: 239-810-2980
office: 239-463-5217

Active Rain Blog: http://activerain.com/lloydn
Website: http://www.mlsouthwestfloridahomes.com
Website Blog: http://ftmyershomesandgardens.blogspot.com/
Web Reference: http://activerain.com/lloydn
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0 votes Thank Flag Link Thu Nov 6, 2008
Hi Naydine,

If you are being represented by a Buyer's Agent, you should have the agent put together an offer and send it to the listing agent. The listing agent has a fiduciary responsibility to submit all offers according to the ethics code. At the least, your offer would be considered as a back up. Getting homes closed is hard work these days, especially with financing. I had submitted offers for my clients recently on a short sell that had been under contract 3 different times and could not get closed due to financing and hurricane issues we had during IKE. The listing agent told me that the seller felt he wanted to keep trying with his current contract because he felt he owed it to the buyers.. In the end they still could not get it closed due to financing and they had to start all over. By then my clients had moved on and purchased something else. Keep in mind that short sales can take a while to close and remember the squeaky wheels get the grease. Anything can happen, make sure you have a sharp agent representing you if you need some help locating a good agent feel free to contact me and I will recommend someone that has a lot of experience in your area with short sales.

Feel free to contact me: jessicawinski@kw.com

I hope this helps!

Jessica Winski
Keller Williams Realty- Conroe, TX
0 votes Thank Flag Link Thu Nov 6, 2008
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