Home Buying in 30324>Question Details

Megan, Home Buyer in Atlanta, GA

Short sale- I put in a few offers but all have expired like 2-3 weeks ago. My agent says that the bank will

Asked by Megan, Atlanta, GA Thu Dec 20, 2007

still look at the offer and get back to me. Do you think I might be better off putting in another offer that does not expire?

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Put in another offer but I wouldn't leave it open ended. Give them a definate deadline and if they blow you off again, move on!
Web Reference: http://www.hrmiller.com
6 votes Thank Flag Link Thu Dec 20, 2007
I agree with Josh - an open ended offer is a disaster waiting to happen. We've all heard stories of offers long forgotten that have suddenly been "accepted". Better to know that you're offer will expire than to have to remember to send over a termination.

The frustrating thing with this scenario is that often the lenders are in no hurry to meet deadlines are could care less. The employees are clock watchers and the sense of urgency that we deal with and our clients expect is lost in the "your time is important to us" and the "we appreciate your patience" nonsense that is routine in the 9-5 "cubicle city".
Web Reference: http://www.hrmiller.com
5 votes Thank Flag Link Thu Dec 20, 2007
Banks are on their own time frame and they could careless about the time limit of offer within the offer. If you want the home I would leave it open ended. If you move on to another home, you MUST send over a withdrawal of offer to the bank otherwise they could accept the offer a year down the road.

I know of a short sale in Suwanee right now that has taken 2 months for the bank to accept the offer.... they are waiting for something better to come along which is probably the case on the home you placed the offer. WIth that being said, I would keep looking for something better to come your way until you know that the short sale offer is accepted and it is accepted in writing.
1 vote Thank Flag Link Thu Dec 20, 2007
If you really want the property, I would put one in without an expiration. The bank is not going to be pushed to make an answer any quicker by having an expiration on the offer. It can take banks from 4-6 weeks to make a decision on a short sale and if there is more than one lender involved, it will take even longer! Patience is the key to getting through a short sale!
1 vote Thank Flag Link Thu Dec 20, 2007
If you offer expired, I'd consider it dead. That was your intent, wasn't it?

I'd write another!
Web Reference: http://www.toddnorsted.com
1 vote Thank Flag Link Thu Dec 20, 2007
I agree with several answers below...Many times if you do not hear back from the bank, they are not considering your offer. You could put another offer in if they have not already accepted an offer, but do not leave it open ended. I would say if they do not respond, move on and not waste your time.
0 votes Thank Flag Link Fri Jan 4, 2013
Honey Badger dont care and Banks dont care. They answer when they feel like it. But, I do not do open ended offers. It is not a good business practice in my opinion.
Web Reference: http://englishteam.com
0 votes Thank Flag Link Thu Jan 3, 2013
My vote is open ended! I do plenty of short sales and and when I see a time limit for the bank I just chuckle. The bank answers when they feel like it. You and your offer is just a number to them not a person. If you want the property make the offer and keep looking, make sure you agent is reaching out to the seller confirming that you are still interested. As a RE broker, one good offer is all I want. My ego does not grow with multiple offers. I want one that will close!

Juel McGHee
0 votes Thank Flag Link Wed Jan 2, 2013
An open ended contract is not a good idea. You can amend the offer by extending the expiration date. Some banks take months, some take less than 30 days. If you really want the house, and you are the only offer they are working, then you must have patience. If they are working multiple offers, you may want to consider looking for other properties, you may find one you like more, in which case, you can resind your offer before it's been approved and submit an offer on the new house.
0 votes Thank Flag Link Sun Oct 14, 2012
Sometimes the bank will come back. It amazes me how many agents allow open ended contracts or worse yet, expired contracts!

If you want the home, "dot the i, and cross the t" - put in another offer, but with a longer period. Talk to your Realtor about an acceptable time frame since each home is different. NEVER do an open ended contract, unless you NEVER plan to purchase another home. Actually, you could "officially" remove the offer with another form, but in practice, it's not good to leave it open-ended like that.
0 votes Thank Flag Link Thu Dec 20, 2007
Joshua Jarvis, Real Estate Pro in Duluth, GA
Hi Megan,
In the offers I described handling from your earlier questions, all the deadlines had passed before we got responses. You probably do not need to submit another...but it would not hurt to send one with a long deadline just to show that you are still there and still interested.

See if your agent can find out from the other side if all short sale conditions/requirements have been met by the Seller and all documents required from the Seller have been submitted to the lender. That may be what is holding up a response to you.

0 votes Thank Flag Link Thu Dec 20, 2007
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