Home Buying in 54302>Question Details

Jules, Home Buyer in 54302

Confused on short sale

Asked by Jules, 54302 Thu Apr 1, 2010

I made an offer on a short sale, the sellers approved it and I'm told the paperwork is at the bank...there's a person assigned to my offer and everything is good so far. Then today I go online to show someone the house and notice that the listed price has dropped quite a bit ($17k) and is now $2,500 above what I offered. Is this normal?

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Polly Briley’s answer
Jules, Nan is right about anything can happen. We just had a similar situation with a short sale I am handling. It turns out an appraiser came in with a value more in line with the listing price I originally proposed. So, the bank agreed to drop the list price. I hope that is what happened with your soon-to-be house.

Please talk to your agent about your offer. Often when a listing price is reduced there are more offers. You and your agent need to be on top of the situation and be prepared to react quickly.

Polly Briley
RE/MAX On The Water
920-203-1155
0 votes Thank Flag Link Thu Apr 1, 2010
Jules
Anything is possible with a short sale. It seems you are having some concerns or issues with your real estate transaction. I would highly suggest you consult either a real estate agent who specializes in short sales in Green Bay or a real estate atty. If you already are working with a realtor, I would suggest talking with them regarding your concerns. Each bank involved in a short sale does things differently and no one short sale is alike.
Nan Brennan
Century 21 First Realty
Appleton
0 votes Thank Flag Link Thu Apr 1, 2010
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