We want to bid on a short sale property in Long Grove. Our home will be listed in 10 days. We understand

Judy K.
Other/Just Looking
60060

that the property already has 2 bids just received but not responded to by the bank. Do we still have a chance to make a bid when we sell our home?

Answers (4)
911 Home Inspec...
Home Inspector
Grayslake, IL

Once your bid is accepted you have 5 business days to have any inspections or testing done.
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Sun Sep 27 2009, 14:15
Coleen Grenier
Agent
Barrington, IL

Wondering how it is going on that short sale? Did you get an atty experienced in short sales? Extremely important as the paper work, negotiations, inspections can be long and tedious.

Sat Sep 26 2009, 07:52
Eric P. Egeland
Agent
Libertyville, IL

You can always make a bid on the home. If that haven't accepted a contract it is an active listing, if they do come to an agreement with another party you can always submit a 'back up offer'.

Short sales are definitely trickier than a traditional sale & even more so if there are multiple liens, so the response time can take a while if paperwork has not already been submitted prior to the offer.

I do want to note that a bank will not entertain a home sale contingency for a short sale (not sure if you were planning on making that contingency as you stated that you will be listing your home in 10 days).

Tue Aug 4 2009, 07:19
Kathy Diegel
Agent
60089
FIRST ANSWER

That depends, if none of the contracts have been accepted before you sell your house then you can still bid. Short sales can take anywhere from 2-6 months to be approved.

Kathy Diegel
Coldwell Banker
350 Half Day Rd
Buffalo Grove 60089
Kathy.Diegel@cbexchange.com
847-707-8907

Sun May 10 2009, 20:07

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