Home Buying in Burnt Store>Question Details

ilwallace, Home Buyer in Naples, FL

On a short sale can you put an offer on it with contingent on selling your house?

Asked by ilwallace, Naples, FL Sun Feb 17, 2013

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Ronald Wolchesky’s answer
Boy I amazed at some of these answers!

A seller wants to get out of the house and move on with his life. He is not making any money on the sale, I would not serve the interest of the seller and totally disregarding why the seller is doing a short sale. He wants to get out of a mortgage that is worth more than the house is worth! He does not want to be held accountable for any outstanding debt after the house is sold.. THIS IS THE Purpose of the short sale to a seller!!!

The answers below are disregarding the problems the seller is undoing!!!!!!! The listing agent is willing to gamble a sale if he insists the Seller reject the offer that any serious buyer would want in the agreement

On the buyer side, He wants his offer to be taken seriously! He does not want to wait and sit around and wonder if others are placing bids on his offer!! ; as the agent representing the buyer. I would not have him make such an offer without the seller not accepting that no backup offers are beingmade or the house is open to other to place bids on!

Use common sense. A S A BUYER, WOULD YOU WANT A SELLER TO MAKET THE HOUSE TO OTHERS, WHEN YOU WENT THROUGH THE TROUBLE OF MAKING AN OFFER? This could lead to delays and anxiety to the buyer.

Wallace again,look at both side buyer and seller. Understand why they are doing what they are doing. Would you want to gamble on another buyer, if you have a solid buyer, and proof of good finances, to reject the offer, and keep the house on the market! This only can possibly lead to possible foreclosure and not helping the Seller, with his needs or purpose.

As for the Seller bank, they are most likely going to check out the buyer preapproval letter, see if there’s going to be any problems in their financing the property, before accepting the agreement between the buyer and seller. It is more than price of the offer agreed to, which is the interest of the buyer’s bank, since the buyer bank is giving the promissory note on the property and would be no more than what the bank appraised it at.

Also, if the seller bank sees the house is off the market to others, they will be more incline to answer the offer sooner and likely asked for more information on the buyer finances which has happen to me, for strength, before accepting the offer between buyer and seller.

Again, this is a good time to pick an agent, Make sure you hire a Realtor that sees and understand your needs and the purpose and needs of both Buyer and seller.

Thank You Wallace

http://rwolchesky.wordpress.com

Ron ( Realtor Ron W) Wolchesky
Ronald ( Realtor Ron W) Wolchesky realtorronw@yahoo.com C: 239-209-1923: H: 239-349-4684
License in Florida / Short Sale & Resource Certified (SFR
0 votes Thank Flag Link Mon Feb 18, 2013
Is your property you are selling already under contract? If so you can submit an offer on the home you want to purchase and attach a copy of the purchase agreement on your current home. This makes for a much more appealing offer to the seller and after all the contract on a short sale is between the buyer and the seller only - subject to the lenders approval. I have had success on more than one occasion using this approach.

For more information on short sale visit http://www.capecoralshortsalequeen.com or email me at leecountyrealtor@earthlink.net - I specialize in short sales and will be more than happy to represent you if you are not already working with a Realtor®.
0 votes Thank Flag Link Mon Feb 18, 2013
Wallence

Again. Take a look at how long some contingincies been on the market...If you see one
under 30 days, it be pending and not contingincies.

It is important to review and interview Agents as been noted

Thank you
0 votes Thank Flag Link Sun Feb 17, 2013
The short answer is yes. If I were the Listing Agent, I would have to discuss with my Seller whether to accept your offer and submit it to the bank or reject it. One thing for you to consider, what happens if your home sells and you do not yet have approval of your offer from the Seller's lender? Would you have a place to move to while you continue to wait? Does your offer provide for the right to cancel and receive your deposit back in such a situation. Also, IF the Seller's lender were to issue an approval letter for your offer, they will not wait for you to sell your home. When an approval letter is issued, it usually calls for closing within 30 - 45 days, so this raises the question as to whether the Seller's lender would even approve a sale with such a contingency.

If I were the Listing Agent and if my Seller accepted your offer, I would continue to promote the property in an effort to obtain some backup offers, so that if we received approval of your offer, the kick-out clause would come into play and you would have to move forward with the purchase or withdraw and allow a backup buyer to step in. That is a lot of if's.

One last item, are you aware this home has been confirmed ot have defective drywall?

Reggie Blough, CDPE
Re/Max Island Harbor
0 votes Thank Flag Link Sun Feb 17, 2013
I have use this form. and never had any problems with the banks...

The deal is between buyers and seller, the bank most interest is the price and the financial Streanght of the buyer.

Again, I hope this helps

Ron ( Realtor Ron W) Wolchesky
Ronald ( Realtor Ron W) Wolchesky realtorronw@yahoo.com C: 239-209-1923: H: 239-349-4684
License in Florida / Short Sale & Resource Certified (SFR
0 votes Thank Flag Link Sun Feb 17, 2013
Sorry but no, the sellers bank would not approve a short sale with any contingincies like that, the bank usually requires the sale close within 30 days of their approval.
0 votes Thank Flag Link Sun Feb 17, 2013
Wallance

You can understand why interviewing agents is important, the one with the greatest experience and the most awards are necessary your best choice..

Here is what is on the State of Florida Standard form all Realtors should know about:

In Comprehensive Rider of the Residential Contract For Sale and Purchase a Florida Realtors State standard forms states the, in item 7:

7. Back-up Offers. (CHECK ONE - If no option is checked, then option (a) shall be deemed selected):

(a) Seller’s Agreement Not to Accept Other Contracts or Offers. During the term of this Contract, Seller shall not accept or enter into any back-up offers, contracts, options or other agreements concerning the sale of the Property.

(b) Seller’s Right to Accept Back-up Contracts or Offers. During the term of this Contract, Seller may accept or enter into bona fide “back-up” contracts or offers to purchase the Property that are conditioned upon a failure of the Closing of the sale contemplated by this Contract.

It cannot be any more explicit than this!

This should answer yours and other doubts others may have.

Thank you

Ronald ( Realtor Ron W) Wolchesky realtorronw@yahoo.com C: 239-209-1923: H: 239-349-4684
License in Florida / Short Sale & Resource Certified (SFR)

http://www.trulia.com/myprofile/

http://rwolchesky.wordpress.com/about-me/

http://rwolchesky.wordpress.com/

http://pinterest.com/realtorronw/
0 votes Thank Flag Link Sun Feb 17, 2013
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Now that is CLASSIC!!

I would not know how to even answer such a question!

....anyone...anyone...Bueller, Bueller....

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0 votes Thank Flag Link Sun Feb 17, 2013
Depends,

The buyer agent you working with should protect his buyer by having it stated and agree upon, the seller won't accept other offers until the deal is settle or resolve

lwallance,

You are in a great opportunity now to interview agents and hire one that can help you and work best with you style, with questions like you have and deal with the issues like this that comes up.

In trulia you have a great opportunity by looking at blogs and profile and answer they have given on this site, to decide who you feel comfortable with.

This way, you have a real person that you can deal with directly and email and can call, you also have a real estate agent that help in your searches and steps you need to do to be successful in our market here in Southwest Florida.

I have written blogs on Trulia as well as my weblog and those links are provided for you to decide if I am an agent for you. There are others in Trula you can look at as well. I would think, if I was a buyer, I would want someone locally that knows the area and help save you time so you can do what you need to do for yourself. This does not stop you for looking at properties, but I will send you properties you have expressed interest in, offer other you can decide if they interest you, and your needs and in the price range you are comfortable with in the area you want. Trust me, this will work very well and if that agent u pick does not work for you, Fire him/her and hire another,

http://www.trulia.com/myprofile/

http://rwolchesky.wordpress.com/about-me/

http://rwolchesky.wordpress.com/

http://pinterest.com/realtorronw/

I am sure you can find many capable agents, chose one that serves your best interest, before you ready to place an offer on any property. You do not need 3 different agents. Loyalty and trust works both ways.

Remember: “Pictures without ALL the information are never the total picture and always the entire story ~!” Realtor Ron W ..”Pictures being shown, are attention gotcha, use to draw your interest. The rest, the information, will help you decide. Where that information comes from is IMPORTANT to you, and it may not all be on the listing information! Having an agent will get you the missing pieces. Then when you actually view the property; have it inspected where everything begins to fall into place having a pre-approval letter or proof of funds ready done ready for the seller’s hands. Sellers and Banks expect this information, before reviewing yours or any offers. Do not lose out by not having this or a Realtor® that is not the listing agent that serves the seller. Remember, the seller pays the commission!! You Get to choose your Realtor®!”

Thank you

Ronald ( Realtor Ron W) Wolchesky realtorronw@yahoo.com C: 239-209-1923: H: 239-349-4684
License in Florida / Short Sale & Resource Certified (SFR)
0 votes Thank Flag Link Sun Feb 17, 2013
Hello ilwallace,

If you are not currently working with a realtor and need help finding a great residential property in the Cape or elsewhere in Lee County, please feel free to contact me.

Thank you.

Regards,

Therese A Clapp, Realtor®,GRI, MBA
BROKER Associate
SFR, AHWD, REPM
Century 21 Sunbelt Realty, Inc.
725 Cape Coral Pkwy W
Cape Coral, FL 33914
Primary: 239-542-4777
0 votes Thank Flag Link Sun Feb 17, 2013
For more information please visit: http://theclappteam.com/
Flag Sun Feb 17, 2013
As Shanna said, it's extremely unlikely. Curious why you would want to purchase a property with defective drywall though.
0 votes Thank Flag Link Sun Feb 17, 2013
Hi ilwallace,

When you submit an offer, you can put any contingency you want. However, it is HIGHLY unlikely the seller/bank will accept your offer with a contingency that you sell your current home.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sun Feb 17, 2013
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