Home Buying in Prescott>Question Details

Lucy, Home Buyer in Prescott, AZ

If buyer makes offer on a short sale home, can buyer demand an answer within 24 hours and is under no further obligation if they dont respond in time.

Asked by Lucy, Prescott, AZ Sun Oct 30, 2011

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16
Lucy,
It is always your right to demand an answer from the seller whenever you want on a short sale or any sale. You can have your offer expire within an hour if your wanted to. But the seller is not in total control of the acceptance of the offer. The lender must also approve. Demanding a 24 hour response from the lender will not work. Getting approval from a lender takes much more time than this. If time is not on your side and you can't wait, I would consider a different type of sale than a short sale. Good luck to you and if you need the assitance of an experienced Realtor, give me a call.
1 vote Thank Flag Link Mon Oct 31, 2011
Offer is not a contact Soliciting a offer So you can get out of it.For more information you may contact a lawyer.
0 votes Thank Flag Link Sat Apr 28, 2012
Absolutely ... and it's not unusual for the seller to accept and sign the offer within 24 hours. But then you have to wait for the bank to approve the short sale, since the purchase is contingent on lender approval, and that can take anywhere from weeks to months.
0 votes Thank Flag Link Mon Oct 31, 2011
Somebody told you that it was a BUYER's MARKET and you believed them!

When you make your offer; you may have to be patient for 6 to 12 months.

Good luck and may God bless
0 votes Thank Flag Link Mon Oct 31, 2011
Exactly Ron, it is a SELLERS MARKET........get the word out there! The prices are great and buyers love them but it is now a sellers market. Look at the supply in the area of interest you want to buy a home. This will give you a clue. There are bidding wars going on right now!
Flag Sat Apr 28, 2012
Lucy,
Demand.. shout, stomp up and down. Either way the seller can't do what you ask.
Buyers like you come to us all the time and are not willing to be patient to let the process do what it has to do.
If you need a home right away a short sale is not for you.
You don't have any obligation usually in a short sale contract anyway until the lender and seller agree to the terms of the lenders demands.
Great question, we hear it all the time. "Why don't the lenders pay attention to me", simply they have a process and that takes time.
Let us know if you have questions.
Brad
0 votes Thank Flag Link Mon Oct 31, 2011
You can demand that the Seller respond within 24 hours as the Seller still owns the property. It will probably take the Seller's lien holder much more time to respond unless they already have an approval. The Short Sale Addendum does give you the right to unilaterally cancel the contract anytime prior to receiving the lien holder approval so you can continue to shop around without any risk. If you are without representation, I would be happy to assist you with the transaction. All the best.
0 votes Thank Flag Link Mon Oct 31, 2011
Hi, The demand won't make any difference,especially if there is a second lien holder. The buyer is at the banks mercy, always. You aren't under any obligation anyway until you are approved...

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Mon Oct 31, 2011
Many short sale sellers laugh out loud at demands. They are losing their house and making no money, just remember that. Banks are deaf so demand all you want to them and wait for the reply.
0 votes Thank Flag Link Mon Oct 31, 2011
from the seller, yes, the lender, no way.
0 votes Thank Flag Link Mon Oct 31, 2011
Hi Lucy,

If you mean an answer from the short sale lender, you may as well not submit the offer. It is highly unlikely you will receive short sale approval from the lender in 24 hours. However, that said, I did have one short sale which was approved in under 24 hours by the lender. It was a miracle - most short sale approvals from the lender take longer than this - anywhere from a week to 2-3 months.

You may want to avoid short sales if you do not want to wait.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sun Oct 30, 2011
Lucy,
You can demand the house come fully furnished with a stocked fridge and wine cellar, but that won't likely happen either. Banks don't work that way and trying to force them to change is like shooting bullets at superman, they just bounce off with no effect.
Short sales are going quicker than they used to, but there is still nothing short about them. Expect 3-9 months of uncertainty. When you do get an answer, be expected to jump to the banks tune if you want the house.
You can build escapes into your contract. Our standard short sale addendum puts a time frame, typically 60-90 days for the bank to approve. You would have the option of extending the contract or walking away if the time frame isn't kept.
I did a blog post on the anatomy of a short sale, explaining how many working parts there are from listing to closing. You might find it helpful in understanding why things take so long and often don't go well.
0 votes Thank Flag Link Sun Oct 30, 2011
Lucy, short sales are not the right transactions for you, your demands will go to deaf ears. As the others have advised stick to traditional transactions where you can get an immediate response. Good luck.
0 votes Thank Flag Link Sun Oct 30, 2011
If you want an immediate 24 hour response you should stick to homes sold conventionaly-privately owned, not short sale or bank owned, which require time for the bank's representatives to respond. It is unrealistic to expect a response within 24 hours on those situations, especially in a short sale senerio. Your buyer's agent can guide you through this time consuming and convoluted process. If you currently don't have representation I would be glad to help. Pat Autrey 928-925-8938
0 votes Thank Flag Link Sun Oct 30, 2011
You can but it won't make one whit of difference.
Web Reference: http://www.KarylMoore.com
0 votes Thank Flag Link Sun Oct 30, 2011
Can the buyer demand an answer? No.

If you're wanting to demand an answer from the seller, then you simply write in an expiration date and time on the offer.

If you you're wanting an answer from the seller's lender(s), then don't waste your time even writing the offer. If you do, it will be an exercise in futility.
0 votes Thank Flag Link Sun Oct 30, 2011
You can do that, but you have to realize that the acceptance, if it is accepted, is contingent upon the lender's approval! Let your agent be your guide and help you successfully negotiate a purchase. Best, Terry Bell, Realtor, Santa Rosa, CA
(your thumbs up is always appreciated!)
0 votes Thank Flag Link Sun Oct 30, 2011
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