I recently found the listing agent advertising this (my) 2624 sf beautiful 4/2.5 home as an ACTIVE LISTING (instead honestly listing it as pending contract). When my real estate agent inquired why he would be advertising this as an "ACTIVE Short Sale" listing (contract signed/bank currently negotiating), he had a very surprising and disturbing answer. The listing agent informed us that he was only using this listing to bring in leads. Furthermore, he stated that the sellers did not know he was advertising the house as active. Basically, luring buyer in with a bait and switch. Sign in the front yard (no pending), listed as active short sale on yahoo real estate, put up on Craigslist.com, featured on his personal website, etc. Integrity...none. Unethical practice...absolutely.
My suggestion is to seriously consider REO/Bank Owned first and definitely do not chase a short sale that already has an active contract on it. You are second in line in the best case scenario and no one is looking out for your interests in that scenario. Definitely get a real estate agent. I did not realize how helpful they could be in the unforeseen situations. If you do go after a Short Sale, submit a fair offer after reviewing current comps in the same community with your agent. Also, be very patient and willing endure a 4-9 month (or more) time frame to possibly see your dream come to reality. Value is there if you are able to close, but there is always a chance that you may not. Go in with Eyes Wide Open.
I sincerely wish you all the best! It sounds like you are already doing your homework. NEVER STOP LOOKING. I am sure you will come out in the end very happy knowing that you educated yourself throughout the process.
Find your next house with the click of a mouse.
Search the MLS without obligation or registration from my website.
If she really loves the home and you have time, I recommend you do submit the back up offer.
CRS, GRI, ABR, e-PRO, SFR, SRES
"For your piece of tomorrow, Invest in Real Estate TODAY"
If your daughter really wants the house she should be make the offer and be patient. However, I suggest to all my buyers to continue to look and bank owned are properties that are ready to close. Also, there are plenty of well priced, well maintained homes at great values on the market right now. With low interest rates and plenty of inventory being patient is obsolete.
you can click on the tab located on the far right side of my web site labeld Bank Owned Properties and search the MLS for these properties only. Let me know if I can help. My contact information is on my web site
There is not firm rule when dealing with short sales. Each short sale is different due to the bank involved, the listing agent involved, the sellers situation, is there a professional negotiator... and the list goes on and on. To get the best advise your daughter should have a buyer's agent representing her. Then her agent can contact the listing agent and ask all the important questions. Your daughter's buyer's agent should be willing to sit down with your daughter, listen to what her goals & desires are and then help her evaluate the home she is interested in to see if that home looks like it will be the best situation to reach those goals & desires. Short sales can be a great value, but it also can be an emotional & time consuming process. Short sales aren't the best choice for everyone. If your daughter does not have a buyer's agent, I would be glad to meet with her.
Team Pepka strives to provide unparalleled service to all of our clients, whether they are buying or selling a home. We guarantee your privacy will be respected. Making such a decision should not be done alone and we are here to help every step of the way as your trusted, professional real estate partners.
Please visit our website at: http://www.TeamPepka.com where you can find out more about our team, search for homes, find out how much your home is worth, request mortgage information, get the latest information on market trends and so much more.
We hope to speak with you directly about how we can assist you with your real estate needs.
Alisa Begley, Buyer Specialist
Keller Williams Realty On The Water
Your daughter's chances of purchasing may be rather slim.
I would hedge on offering on another property that is available.
Sandra Appignani Waterman, Realtor
REO Default Certified Professional
Coldwell Banker Residential Real Estate
100 N. Tamiami Trail
Sarasota, FL 34236
1. She will submit a back-up offer if you chose to submit one,
2. Are there any back-up offers already submitted.
3. How many loans are existing on the property.
4. Are there any existing liens on the property (child support non payment, credit card liens, tax liens)?
5. If the property is under contract is it a cash or mortage continent offer?
The listing agent should know the answer to all these questions. I would never hesitate to put in a back-up offer. Seller's lenders may look at your offer and , if it is good, they may even consider it and decline the original offer and accept yours!
There are many options with a back-up offer. If you would like more information please call me directly at 941-504-7496.
Faye Doyle, LLC
RE/MAX Alliance Group
2000 Webber Street
Sarasota, FL 34239
This is a hard question to answer since there are alot of things that need to be asked of the listing agent. Alot of short sales can and will sell, it will take considerably longer than a bank owned or regular resale. I hold the SFR designation which is for Short Sale and Foreclosure Resources and would be happy to assist you and your daughter.
Please let me know if I can be of any help
I would counsel against writing an offer on a Short Sale unelss you have a strong constitution. Only about 40% actually close and an approval from the note holder can take months. I just received an approval on an offer my customer's subitted almost 5 months ago. Better to look for a "Bank Owened" or one of the many very well priced regualr listed properties.
I would be happy to assist you in submitting an offer on any type property.
William Gregory, Realtor