How does the "short sale" buying offer work?
I have found a home, I am really in love with. The listing realtor's website priced the home based on their estimates. I have a contract signed with the seller and it is now being sent to the lender to approve or not.
My offer is the price the home was listed for...I didnt even bother trying to offer a lower price. I like the house and felt the listed price was good. My question is: Is it possible/ normal to lose out to another buyer simply raising their offer buy X amount? I know there is a investor that offered before me at a lower price than the listed price. Could others come after me and out bid me even though I have a contract and making my offer?
How do I insure I get the house of my dreams?
If you have an executed contract signed by all parties your money has been paid for escrow all other offers are considered as back up offers.
Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
Jesse,
If you would have used a buyer's agent you could have removed the seller's ability to continue to market and accept other offers by striking it out of the short sale addendum. Although it doesn't work for every contract, it work for most offers I present.
Although the sellers have the reight to accept other offers, MLS rules require any property that has a signed contract by the seller, including short sales, the property must be placed in Pending status in the MLS. (Assuming the property is listed in MidFlorida Regional)... Right now, unless you removed that clause, anyone can come in and out bid you for the home!
Your's to count on!
Mark Zabilowicz
Tampa Realtor
the site below should be a great resource for answering all of your short sale questions!
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