Home Buying in Los Angeles>Question Details

Julie Brown, Real Estate Pro in Los Angeles, CA

Short Sales that Are Gone in Hours

Asked by Julie Brown, Los Angeles, CA Fri Jan 11, 2013

I make offers on short sales within hours of being Back on the Market. I am getting told that these are already under contract. Are these just technically back on the market and just a continuation with the previous buyer? Are these back up offers?

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8
Realty depends on how the listing agent is conducting biz. Listing agent should disclose on the MLS that while its BOM they do have several backups, but often they don't. It's frustrating !

Good luck
0 votes Thank Flag Link Sat Jan 12, 2013
From what i know being a short-sale listing agent....is that they are most likely back-up offers that have already been obtained while the original offer is still pending.....what most listing agents DON"T want to happen is have the lender or Real Estate Board accuse the agent of having "pocket buyers" as "pocket buyers" is illegal...A pocket buyer is where the agent already has an offer before its listed ....thus to combat this, a listing agent will put the listing " back on the market" for 24 hours even though he already has a back up offer in hand...Thus he can turn in the listing sheet with an offer...and it doesn't violate any pocket buyer legality......................Hope this helps
thanks
GUY
0 votes Thank Flag Link Sat Jan 12, 2013
More likely they are back up offers.
0 votes Thank Flag Link Fri Jan 11, 2013
You should try writing backup offers and following up on them... is a tough market and sellers have dozens of choices on who to sell to... so anything from type of loan, price, contingencies, etc play a factor...

I once wrote an offer on a deal for my buyer three times... the first time they gave it to someone else... then it fell out of escrow and they called me to ask if my client was interested... we re-wrote an offer.. they gave it to someone else.. then a month later they called me back... this time mi client's offer was accepted and we closed escrow... we were looking for him for about 7 months... he was an fha buyer.

Stay the course!

Best of luck!

Ron
0 votes Thank Flag Link Fri Jan 11, 2013
This is not just the case with short sales. There is a shortage of inventory, so anything good which comes on the market is going into multiples. You have to move fast in this market.
Web Reference: http://www.homejane.com
0 votes Thank Flag Link Fri Jan 11, 2013
Hi Jepmail2, It may be possible that the Listing Agent has received a new offer prior to taking it off the market and needed to place it back on the market so that they could enter the new contract status.
0 votes Thank Flag Link Fri Jan 11, 2013
Hello Jepmail2,

It could be due to many factors. In the majority of cases short sale listing agents and sellers will have back up offers on hand. This is done beacuse often times the initially accepted offer does not go to closing, and a back up offer or a whole new offer is what gets closed.

Best of luck to you!

Kawain Payne, Realtor
0 votes Thank Flag Link Fri Jan 11, 2013
Jep...I can tell you in my own, personal experience, I recently bought a short sale. It took 3 separate attempts over 9 months to make it happen. Each time the attempt failed the listing would have to be technically put "back on the market", but would then immediately go back under contract with my new offer, so people would see it come up and then go right back down. It's all above boards, same buyer just trying to get through all the hurdles the bank throws up in the way. Very frustrating process for everyone! Best of luck...
0 votes Thank Flag Link Fri Jan 11, 2013
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