Home Buying in Myrtle Creek>Question Details

Heatherofmc, Home Buyer in San Diego, CA

Why did the Realitor have us rush an offer before the short sale expired? Could we have waited untill after the expire and still had a good price?

Asked by Heatherofmc, San Diego, CA Mon Sep 5, 2011

Help the community by answering this question:

Answers

8
Responding to your statement below:

If you have an accepted purchase agreement with the seller and are waiting for a response from the bank, they usually (unless your offer is way off the mark) counter if your offer is too low.

...your credit will not have an effect of the short sale lender's decision.
0 votes Thank Flag Link Sun Sep 18, 2011
I just know that the agent said that if we were really interested in the house, we needed to make an offer within 2 days or the short sale would expire and they would go into forclosure process.I feel like we hastily made an offer. The house was listed for 215,00 and we offered 195,00. we have 15,000 to put down and we will pay closing costs. I am worried that we went too low on the offer after reading about short sales. The owner didn't apply for an extension on the short sale. He gave up because nobody was looking or making an offer. Does that help us out, that no one else has looked . I also wondered......Does our spotless credit make the bank more likely to accept our offer? Thanks for all of your advice, I am learning alot.
0 votes Thank Flag Link Tue Sep 6, 2011
You have the choice to do either or. You can make the offer or you can wait until it goes into foreclosure - or the home may not even be behind on payment - it may not go into foreclosure at all. In this market - there is no telling what was happening with the home unless you know the seller personally. Some people are just tired of owning a home that isnt worth what they paid for it and are trying to short sale it to get into a home at a lessor payment. That is probably why your agent was trying to rush you into an offer - trying to get you the home you sounded like you were most interested in. If you have the time and patience to go through the short sale period- you will get a home at a good price.
0 votes Thank Flag Link Mon Sep 5, 2011
If it was a home you were really interested in buying, the agent might have been trying to help you. Once the short sale expires, you don’t know what will happen to the property. If the bank is not willing to listen to more offers in another short sale period, the property could fall into foreclosure. That could take a lot longer process, and you might end up paying more (of course, you don't know). If you are comfortable with the price, you should have moved ahead and closed on the house.
0 votes Thank Flag Link Mon Sep 5, 2011
Yes, you could have waited. However, the home owner may become so depressed and simply quit trying to sell the home and will withdraw from the market. In a year or so you may be able to purchase the home as a foreclosure. Will it be a better price? No one knows.

You could have waited and the current listing agreement would expire and you can wait for a new real estate agent to list the home and purchase through them. Will it be a better price? No one knows.

Or you could wait and the offer that may have been submitted this morning will be accepted because it is the only one on the table. Will it be a better price? If your offer is higher or provides better terms, than the existing one...it could be a fantastic price! But, no one knows.

With out more details everything is speculation and unless a responder to the question is the actual listing agent, the real facts can never be known.

As you know, short sales are the wild, wild west of real estate. The rules are fluid, the results inconsistent, the process lacks transparency. The emotional roller-coaster ride known as short sales is not well suited for those who see conspiracy behind every action. You need to trust those working on your behalf, otherwise you most certainly will be counted among the 70% of short sales that never close predominately due to the buyer losing faith, getting happy feet and quitting before the process has matured.

Consult with your real estate professional and have them review the short sale process in detail with you. If this is still an option you want to pursue, sign the buyer agreement and go find a great home!
Web Reference: http://www.MyDunedin.com
0 votes Thank Flag Link Mon Sep 5, 2011
Heather,

It appears that additional information may help you gain more accurate information. But as stated earlier, unless this is a "bank approved price" the actual sale price generally has very little to do with the asking price and is negotiated with the lender after the seller agrees to a price they will accept.

Good luck,

Bill
0 votes Thank Flag Link Mon Sep 5, 2011
Sounds like the listing was going to expire and the agent wanted to be part of any action that may or may not happen.
The list price is a guestimate by the listing agent and has nothing to do with what the lender will accept as an offer.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Mon Sep 5, 2011
Heather,
what do you mean before the short sale expired? Had the bank approved a price if the deal closed by a certain date? Was the listing about to expire? Was it set to be foreclosed? Help us out.
0 votes Thank Flag Link Mon Sep 5, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer