Home Buying in 60707>Question Details

Dippedin67, Home Buyer in Chicago, IL

In a nutshell, we bidded on a short sale a few months ago and never heard anything. We've been holding out until.....today I drove by and the

Asked by Dippedin67, Chicago, IL Wed Oct 14, 2009

property has a sign in the window (REO PLUS) and the accompanying phone number is disconnected. I have searched and searched & can't find the property online. What should I do? The house is in foreclosure I know but I'm anxious to find out the asking price.

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Answers

9
Did you put earnest money down?
0 votes Thank Flag Link Thu Jul 12, 2012
I have seen many properties go into foreclosure while buyers were waiting to hear back from the bank, even with strong offers. I would keep a eye out for the property to go to auction, where you could buy it, or many times the bank is the highest bidder at auction and the property will be listed with a realtor. This process can take days, weeks, months, and I have even seen longer!
0 votes Thank Flag Link Tue Jul 10, 2012
You undoubtedly made a LOW offer, that was not accepted:
The Banks do not have the consideration to respond in that case.

The house is probably in Limbo right now;
soon, it will be listed as an REO and you will have another chance.
I hope you have a Realtor.
0 votes Thank Flag Link Tue Jul 10, 2012
It may have been foreclosed in the process of you trying to purchase it as a short sale. You can have your agent contact REO Plus to see what status the home is in. The pre-listing agent normally will put their sign in the property while it is going through the process of getting ready to be listed. I would say to keep this home on your radar but look at other homes. You do not know what the listing price will be, if the listing agent will sell the home on their own as a dual agent, or if the house will be priced so that it will get multiple bids and your bid not be the winner. Look around there may be other homes that you like just as much.
0 votes Thank Flag Link Tue Jul 10, 2012
Update 3/24/10: We bidded a second time ($10,000 over asking price) and never heard anything until my husband called the listing agent anonymously. He told my husband that the house was purchased by some investors and they paid CASH. To this date, the sale $ has not been publicized.
0 votes Thank Flag Link Wed Mar 24, 2010
When you bid on the "short sale" was it listed with an agent? Did you use an agent? Did the seller sign off on the contract? Was the contract and all the necessary documents sent to the bank...ex: hardship letter, bank statements, etc. Was a negotiator assigned to the deal?

It normally takes a couple of months for the bank to accept, reject or counter your offer. Your agent and/or real estate attorney should be able to get that information for you.

Good Luck!
0 votes Thank Flag Link Thu Oct 15, 2009
If you do not have an agent and delt directly with the other side you should ask the agent for the seller what is going on. If you give me the address, I can check IF you do not have an agent already. It is not uncommon for a short sale to take a couple months before the bank responds.

philip
0 votes Thank Flag Link Wed Oct 14, 2009
Give me a call or send me a note with the address and I will send you the MLS listing.

Eric Marcus
ESM Realty
Your Real Friend in Chicago Real Estate
773-244-1110
esmarcus@sbcglobal.net
Web Reference: http://www.esmrealty.com
0 votes Thank Flag Link Wed Oct 14, 2009
Your Realtor should be able to find out for you....you do have a Realtor right?
0 votes Thank Flag Link Wed Oct 14, 2009
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