Home Buying in Odessa>Question Details

wnealrn, Home Buyer in Dunedin, FL

If a short sale property has two cash offers already on the table, is it even worth the bother to submit a conventional loan offer? I'm in no rush.

Asked by wnealrn, Dunedin, FL Tue Feb 26, 2013

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This question was asked from this property: http://www.trulia.com/property/3105815528-8801-Charlie-Walke…

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Bill Eckler-Florida,’s answer
In this situation it may be a waste of time to go through the whole contract and offer process since the lender will only entertain one offer at a time. The fact of the matter is that these offerings often fall apart for one reason or another and it might be beneficial keeping your hat in the ring. This can be done by simply emailing the listing agent a message indicating your interest in the property should it become available.

In this way, you haven't committed yourself and can continue you search in other directions and you still could hear future good news on this home.

Good luck,

Bill
2 votes Thank Flag Link Tue Feb 26, 2013
Good morning Dunedin,
Short sales are a complex, illogical, convoluted process of selling real estate that has no good faith partners on the other side.
Yes, it is worth while to put in a a back up offer, or at lease get on the back up list, for these short sale homes. There is no way to know what will happen regarding the two buyers ahead of you.
Now, there are a few realistic qualifications you must have. One of course you identify as "I'm in no rush" just as the two preceding buyers believe. Such buyers often don't understand 'no rush' is equivalent to.... eternity.

You situation must be evaluated on it's own merit in context of the home offers for sale.
Anything can happen in a short sale. Who knows, you could be the nest owner!
If you need more information give me a call.
No, don't use that 'contact' link.

Best of success,
Annette Lawrence, Broker/Assocaite
Remax Realtec Group
Palm Harbor, FL
727.420. 4041
2 votes Thank Flag Link Tue Feb 26, 2013
Also some sellers may accept an offer from a "nicer" buyer they want to give an opportunity to attempt a bargain price. A seller doesn't necessarily have to accept the highest and best offer. Of course listing Realtors should advise a Seller to only accept a back up offer that is ALL CASH and can close immediately because the time frame can be very short.

I just got an approval today on a short sale for one of my cash buyers and the title company wants to close on Friday because the approval on the 2nd mortgage will expire as of Saturday!
1 vote Thank Flag Link Tue Feb 26, 2013
Yes. Remember for short sales its not cash or loan that matters but a buyer who is offering the seller the most money, thus the less liability on the short sale. I would always suggest that a primary buyer willing to pay more with strong financing is a better deal than the investor paying cash who can walk away to the next great deal. Make sure the seller knows you "love" the home if you do.
1 vote Thank Flag Link Tue Feb 26, 2013
You may, simply because those ahead of you may have offers on other properties. And if those properties come to closing first, they may cancel their position ahead of yours...the whole premise of being a back up. However in Florida we now have several Equity Investor Companies that are buying everything they can and backed by multy million dollar cash accounts. If one of those is ahead of you, you have NO chance. So my suggestion is you keep looking ad make sure you are the main offer on a short-sale (maybe in several short-sales) and then sit andd wait patiently. Make all your contracts expire in 90 days and keep extending them, that way you know which ones are not moving and can keep the ones that are getting somewhere. Having a knowledgeable Realtor on your side is a most. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
La Rosa Realty
1 vote Thank Flag Link Tue Feb 26, 2013
If they are accepting back up offers, yes it is a good idea to submit your finance offer if you want to go with the asking price or above. Why, because the two cask offers that the Bank have already may be lower than the listing price and you want to be in a good position to get the property.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
1 vote Thank Flag Link Tue Feb 26, 2013
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