Home Buying in 33544>Question Details

Angelbrd, Home Buyer in 33544

HELP!!!! Short Sale nightmare! What do we need to submit to the bank to make our original offer more appealing?

Asked by Angelbrd, 33544 Tue Jul 5, 2011

HELP!!! my husband and I put an offer on a short sale home listed at 199,900. Our offer was for $180. This is a hardship short sale in zip code 33544. We put an offer in in Feb. It is now July and we just heard a verbal counter of $205k based off of the last buyer offer that fell through (believed to be between 212-215k) We are interested in countering yet we dont have any information on the BPO, FMV, CMA or appraisal. We are left in the dark and dont know how to proceed. We already know that this home will require lots of repairs (ie carpet, bathroom mold, holes in walls, stair railing, kitchen tiling, etc) We are working with the sellers agent and so we feel like no one is fighting for us. my question is, what do we need to submit to the bank when we counter to make our offer more appealing and to "expedite" the counter offer process. P.s lender is Wells Fargo.

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Michael Emery’s answer
If you weren't working with your own agent at the time that you made your initial offer, how did you determine the value of the property at that time and how did you decide on your offer of $180,000?

Are you willing to counter at a number closer to the banks counter offer or are you attempting to justify your initial offer? If so, what proof do you have that your initial offer was correct? Keep in mind that since your initial offer was made, the market may have either drifted upwards or downwards as the market continues to be volatile - depending on the neighborhood of the location of the home.

Would you be willing to pay for either an appraisal or broker price opinion and would the sellers be willing to allow a professional into the home to do a current market valuation? I don't think you could get a real estate agent to assist you without compensation as they probably wouldn't be compensated by the sellers / bank at such a late date AND you are using the listing agent as your agent. And due to fiduciary responsibility rules the agent really can't help either party determine price and strategy as doing so would benefit one client while hurting the other.

If you don't end up getting the house, next time use your own buyers agent.
1 vote Thank Flag Link Tue Jul 5, 2011
You should stay with the original real estate agent that find you that property and submitted your offer. He already did 85% of the job. I am sure that the listing agent advice you the same way. It is nothing you can do to expedite this transaction, Wells Fargo negotiator will answer when they need it to, not with the buyer or seller want to.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
1 vote Thank Flag Link Tue Oct 30, 2012
So, you've found out that SHORTSALE NIGHTMARE is an Oxymoron.

Normally, when you've started the process on a house with an Agent, any house, then there is a tie with that house and that Agent. It's just not fair to bring in a new Agent, when the first Agent has introduced you and done some work.
If you are going to try to do this, I would suggest that you talk to the Listing agent first, and tell him your concerns and desires. Ask him if you did this, would he release you, or would he release you if the new Agent gave him a referral fee, (normally 25%). Both agents would prpbably be ammendable to this.

Next, talk to your new agent about the new offer; ask him to do a CMA and help you.

Stop thinking about expediting this, the goal is just to get it done.

Good luck and may God bless
1 vote Thank Flag Link Fri Jul 8, 2011
Hi Angel,

Short sale offers as always best supported by recent comparison information that is offered to support your cause. To assume the position of thinking the lender is going to be willing to accept a number because it what you are willing to pay will most assuredly meet with failure.

Bill
0 votes Thank Flag Link Tue Oct 30, 2012
Unfortunately the banks are now starting to look at the PMI (private mortgage insurance) companies for the insured value and once they get their BPO (brokers professional opinion) completed, if the price is comes in lower than what they are insured for the bank will just sit back and wait, or in your case counter what they know the PMI company will insure them for. It's been very frustrating out here handling short sales, it takes way more effort on everyones part and they don't always come to fruition in the end.
Web Reference: http://www.myrealtorrob.com
0 votes Thank Flag Link Sat Feb 25, 2012
UPDATE: so the first offer letter came thrpugh in september from the firat bank. They accepted the 180k. It then expired in Nov while we were waiting for the second mortgage company to come through. Then in Dec the second mortgage company approved. By now we were just waiting and even paid for an inspection. We could not close in the second mortgages two week window. So our offer expired but we still had our fingers still crossed. Well, in the last 24 hours the home has been taken off the market and no longer listed with the recent selling agent. We drove by the home to see it was vacated. The home is now going to a foreclosure status. Since it is changing from a short sell to a bank owned, how long will this process take and will investors take it before we have a chnce to get it? How do I convey to the bank that I WANT this house??! And lastly, do i have more wiggle room to maybe put in an offer at say $150k? All your info is greatly appreciates. Oh and we cancelled our contract with the selling agent but never signed the cancelled contract for the house. Thanks!,
0 votes Thank Flag Link Sat Feb 25, 2012
So weve decided that we will counter with a CMA and certified inspection list. But we do know that we REALLY want the house and ultimately would take it at the banks asking price if they reject out offer (which we determined thier price was reasonable after looking at the housing market and comparables.) Should we counter back at the same or in the middle?
Now....about lending! We will be using a VA loan. Do we shop around for the suggested 12 lender rates or should I stick with the one who gave ourpreapproval (UMAC) ? We have no clue on how to secure lending and definately dont want to go through our agent.
0 votes Thank Flag Link Sat Jul 9, 2011
Thank you for your response. We determined our price based on the listing price, our prequalification and the amount of repairs to be done.we would prefer to justify our asking price to the bank by getting an inspection done. We put our offer in in Feb so i am not sure about the market fluxuating.how do you find that out? Looking at comparibles the bank does seem correct with thier counter but i dont think they are considering the repairs. The agent said she submitted a report of repairs from her "handyman" that came by but of course i have no way of verifying this. What exactly should i send the bank to make sure they see why we are asking 180k?
0 votes Thank Flag Link Fri Jul 8, 2011
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