Hi Annette,

I like David's answer below! Keep shopping and make offers on other properties that will work for you. As far as this property goes, I would advise you to wait if you were my client. And here's why.... you want to get into escrow. Once in escrow, your lender will order an appraisal and this will likely be at least 30 days after the bank received the results of their appraisal/BPO (which is what they base approval on). The listing agent should be able to tell you where that value came in at. Based on what you are saying, it shouldn't be higher than your offer price. If your appraisal comes in lower your agent needs to work with the listing agent to negotiate the purchase price down with the bank. The new appraisal guidelines on conventional loans separate the link between lender/broker and the appraiser so the bank shouldn't have a reason to believe the new appraised value isn't valid. So this is a perfect opportunity to negotiate. In addition, you won't jeopardize your position as the first option buyer by looking like you are waffling.

Also.... if you end up paying $5000 extra but you get the property YOU WANT, frankly it's worth it. Read this article by Alan Neville (very well respected local real estate analyst). I think his take is spot on. We are already feeling a frenzie in some price points / localized markets and seeing the beginning remnants of appreciation. Here's the article link from SD Metropolitan: http://www.sandiegometro.com/2009/jun/property.php

I believe you'll have to cut and paste that into your browser.

Best of luck!
Tara

Tara Steinke
Residential Sales and Appraisals
Covering all of San Diego County
619-384-6014
SDRealtor.Tara@gmail.com

You still need tob e able to appraise, so base your offer on what you think the property will appraise for...or be prepared to pay out of pocket for anything over. Be patient, the quickest i have seen a short sale proceed that was not already negotiated with the bank is 44 days. The longest 13 months.

Good luck,
Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve

All good advice below, make sure to authorize your agent to speak to the listing agent about keeping you in the game. That does not always work, but usually they are looking for a good clean offer at the best price. Things move very "long" in a "short sale" so keep looking.

1. Dont get your hopes up
2. Be Patient
3. Keep Shopping
4. Lock in Your Loan, if you got a good one lined up.
5. As to be placed on Auto Updates for Property that fall out of escrow
6. Tell your agent to go knock on some doors in the same neighbor and dig a listing up for a quicker sale?
7. Dont make any major purchases on your credit and dont buy a car.
8. Keep making your payments on time
9. Look for FSBO's
10. Dont sweat the small stuff

Oh Annette, you may have a long wait ahead of you. Short sales move at a snail's pace. Patience is required. Banks can approve in as little as a week or as long as several months. What does the listing agent tell your agent? Short sales are great when they work, and painful when they move so slow. There is no way to speed up a short sale. Bank think of themselves as gods and they do what they want when they want. You can still continue to look to see if something comparable or better comes along. I guess the question to ask your agent is to find out if only one offer is being presented to the bank or will yours also be presented. Banks are even different about presentation of offers.

Sharyn