Home Buying in Memphis>Question Details

Mary Bohanon, Real Estate Pro in Memphis, TN

Is a Short Sale a sure thing, when an Offer is submitted?

Asked by Mary Bohanon, Memphis, TN Tue Sep 24, 2013

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13
Mary, are you answering your own question? Um, I guess you already knew the answer....since you were the first person to respond.
1 vote Thank Flag Link Tue Sep 24, 2013
Absolutely not. There is no such thing as a sure thing Mary. It's all in the bank's hands after the seller accepts the offer. Some are good to work with and some of them are impossible.

Answer me this. How many banks do you know of that are in a hurry to lose money? Exactly.

So my advice to you is to be super patient and don't pack up the moving van just yet.

Best of luck!
1 vote Thank Flag Link Tue Sep 24, 2013
Um, Mary, you've now answered your own posted question 3 times, twice with the same answer. There are better ways to get points on Trulia.
0 votes Thank Flag Link Wed Sep 25, 2013
No it is not! Sometimes it's a number game. Even though agreed upon by the Seller and Buyer, the bank or Lender has the last call. Sometime it can be a stand in the line play, because the banks are trying to net as much as they can get. As Steve said, sometimes the transaction can go on and on for past a year, and you still will not come out with the property, and than sometime you might. I have seen Short Sales go into Foreclosures, and you're still left out of the ball-game. Call a bank or attorney, they can explain how the procedure takes place.
0 votes Thank Flag Link Wed Sep 25, 2013
Nope... but it's a sure thing that getting the keys in your hand will be one hell of a bumpy and stressful ride. Good luck to you.
0 votes Thank Flag Link Wed Sep 25, 2013
Absolutely not! I can not stress this enough. They have great potential for a buyer but the process can be long and frustrating. I have seen them drag out for over a year and while others close with only minor issues. In more then one case the bank has come back and changed the sale price months into the transaction, to the disappointment of they buyer who could no longer qualify. As one agent said earlier they are an opportunity. For the right buyer with no time constraints a short sale may be perfect. For others needing more certainty and looking to take advantage current low interest rates it may not be as great as first glance.

Steve Nash, Broker
0 votes Thank Flag Link Tue Sep 24, 2013
An agent should explain to their client from the beginning of a transaction, that a Short Sale is an opportunity, but not a sure thing, because even though the agreement is made between the Seller and Buyer, the decision is left up to the Lender. In most cases, the Lender is looking for the highest and best offer, because in most situations the Lender or Bank is looking for an acceptable net amount.
0 votes Thank Flag Link Tue Sep 24, 2013
The only sure thing is that all parties need to be patient and submit ALL of the required documentation in a timely manner. There is NEVER a guarantee that a Seller will meet the mortgage company's criteria for a hardship to be eligible for a Short Sale.
0 votes Thank Flag Link Tue Sep 24, 2013
Thank you so much.
Flag Tue Sep 24, 2013
Hi Mary,
I assume you are new here on Trulia. Q&A is for consumers to post questions. Your question belongs under agent to agent or you could place it in the blog section.
0 votes Thank Flag Link Tue Sep 24, 2013
Thank you.
Flag Tue Sep 24, 2013
Nope. Not a sure thing until it is closed! You can relax just a little bit when the bank signs a purchase contract....but still keep your belly tight, cause there will be more kicks and jabs after that.
0 votes Thank Flag Link Tue Sep 24, 2013
I once made an offer at list price and the bank countered back to me with a higher offer.
0 votes Thank Flag Link Tue Sep 24, 2013
I believe that, remember I stated, it has to do with the NET, in some cases.
Flag Tue Sep 24, 2013
Mary,

NEVER a sure thing period. If the lender is the only outstanding lien on the property then you can have a better feeling. The foreclosure process may still be active and this can interfere with your success. If there are 3rd parties (investors), expect delays because what they can recover might be very small in regards to what they loaned to the seller. Some lenders have somewhat streamlined their Short Sale procedures which is a very promising move. Take care and have a very blessed day.

Bob
0 votes Thank Flag Link Tue Sep 24, 2013
The only sure thing about a short sale is that you are in for a wait and as the previous agent said the bank or lien holders are looking for the most they can get from the sale. Be sure you are prepared for a wait. Good luck.
0 votes Thank Flag Link Tue Sep 24, 2013
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