Home Buying in 18336>Question Details

Nick, Home Buyer in Staten Island, NY

Bid Question

Asked by Nick, Staten Island, NY Tue Sep 9, 2008

I recently placed a bid on a house and the agent told me afterwards that after she presented my bid, the home owner stated that they needed to check with their bank before giving me an answer on my bid. Why would they need to go to the bank to check on my bid before giving an answer? I have not received an answer / counter offer for what is 3 days now.

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Answers

2
Bill Eckler-Florida,’s answer
Nick,

As Michael indicated, this sounds like it is heading the direction of a "short sale." Meaning the seller is approaching the bank to see if the bank will accept less money for the sale than is owed on it. If this is the case, as you can appreciate, banks are not very fast acting when deciding to lose money.

On the other hand, the delay could alos be that the seller is exploring other means to cover the total amount owed to the bank.

Good luck,
The "Eckler team"
1 vote Thank Flag Link Tue Sep 9, 2008
Nick,
They (the seller) might owe too much on the home and are looking into a short sale situation. In other words, your offer could be less than what their payoff would be and are looking into their options. Buying AND selling real estate can be a somewhat hard decision. I know you are probably anxious, but try to be patient. I hope this helps. The very best of luck to you.
Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
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http://www.mortgagepro.instantlender.com
1 vote Thank Flag Link Tue Sep 9, 2008
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