Home Buying in 32223>Question Details

Frustrated!, Home Buyer in 32223

I have submitted an offer on a short sale and the seller is not accepting any offer until he finds someone who will rent to him. What can I do?

Asked by Frustrated!, 32223 Tue May 3, 2011

It has been 2 months and homeowner still has not signed any offer. Homeowner is currently moving out. Foreclosure date is in two weeks. Can I make an offer straight to the bank. How can I find the bank where his loan is thru? We offered the asking price. How do I find out if it goes into forclosure. I would really like to buy this house. Thank you in advance for any information. Frustrated!

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8
Alma said it right - keep looking.

I'm sorry to say that if you really want this house you may need to wait until after the bank acquires it and even then there's no guarantee that your offer would be accepted or what the price would be.

Tom
1 vote Thank Flag Link Wed May 11, 2011
If you want to bid at the courthouse auction you must pay ALL CASH for 100% of your bid the same day.

You may want to suggest he attempt to go under the HAFA short sale program because he can get $3,000 at closing to relocate.

At this point if there is an auction date, it may be too late but as mentioned earlier, sometimes they will get postponed.

And.. there are fraudulent scams going on with short sales where they will already have a lower approved price and then will try to flip for a profit to the next buyer. The target is an all cash buyer because many lenders will not like to see a property that is owned for less than a week by the current buyer. You may not be getting the whole truth in this situation.

Keep looking and don't waste your time on short sales unless they have already been approved. The price is "ficticious" and may not be possible even for tens of thousand of dollars above the list price. Your best bargain will be a bank owned listing.

Your Realtor can show you bank owned listings and if they need fixing up you can get an FHA 203k mortgage and add on nice upgrades, i.e granite counters, hardwood floors, new roof, new air condition, new appliances, etc. You would only put 3.5% down to get a gorgeous house at a great price.

All the best,
Alma
1 vote Thank Flag Link Wed May 4, 2011
The owner is the owner until the home is foreclosed... If the owner does not want to sign any offers it really shouldn't be listed at all... All it is doing is creating a false hope to those who want to buy the home..

Foreclosures is public records and you can look up the current status of the foreclosure pending aganist the owner.. All you will need is the Owners name and then just look it up in your clerk of courts public records.

I would advise you to look for another home.. It may not be want you want to hear but it is all you can do..
Web Reference: http://www.SLeonRealtor.com
0 votes Thank Flag Link Wed May 11, 2011
Frustrated,
Prior to moving forward with a foreclosure, the bank's attorney files a Lis Pendens with the court house. The representing attorney's name and contact information shouldn be on the LP. This can be found in the Duval County Public records. He/ she may be able to forward an offer to the bank or REO management company.
Feel free to contact me if you have any questions.
Keven Brennan
kevenbrennan1@comcast.net
0 votes Thank Flag Link Wed May 11, 2011
Dear Frustrated,
I have dealt with a lot of short sales and it is a frustrating process. If the owner is not willing to accept your offer there is nothing that you can do until after foreclosure. If the owner does accept your offer, my suggestion is to NOT put any earnest money down until AFTER acceptance by the bank. The bank can postpone the foreclosure, but in my experience, at best, that is a 50-50 chance. Also, if you wait until after foreclosure, be patient it could take months to be relisted.

Good Luck
Web Reference: http://www.blrjax.com
0 votes Thank Flag Link Wed May 4, 2011
First, foreclosure dates can be and often are rescheduled. If the seller is in the process of moving out, perhaps he can be convinced to accept your offer after he is out. Once the seller accepts an offer and sends it to the bank for approval, it is common, but not a guarantee, that a foreclosure is delayed.

Second, you should speak to an attorney about your situation right away if you really want to pursue this property. If you offered the full listing price without any unusual terms, and the seller is refusing to accept a full price offer, an attorney can help you determine whether the seller has become liable for commissions to the real estate broker(s), or if there is any other leverage that might change the mind of the seller.

Finally, even if you do manage to get the seller to accept your offer and the bank to delay the foreclosure, the bank may or may not approve your purchase. This is part of the uncertainty of short sales, but it can be worth the hassle if you are successful.

I wish you the best of success with this situation!


David North
WA Real Estate Managing Broker
Certified Foreclosure Specialist (tm)
Coldwell Banker Bain
425-836-3096
Web Reference: http://www.AweHomes.com
0 votes Thank Flag Link Tue May 3, 2011
Until the foreclosure date, the homeowner is the owner and not the bank. After foreclosure, the bank owns the home. Therefore you can't make an offer to the bank as they're not the owner. And once foreclosure occurs, your deal is dead. Cancel your commitment and get back any earnest money. If you still want the house, you can wait for the home to be listed by the bank. However there is no set time frame for the property to be relisted once it goes into foreclosure. In other words, you might just be waiting in vain.
0 votes Thank Flag Link Tue May 3, 2011
If the foreclosure is the auction by the trustee, and it is in 2 weeks, the bank will be the new owner, and your short sale owner will be out of the picture. Surely, the listing agent must know the status of the foreclosure, and that it is impossible to close the deal before the house goes back to the bank.

David Cooper. Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. email or call for FREE daily list +1-7024997037 not a real estate agent
0 votes Thank Flag Link Tue May 3, 2011
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