Home Buying in 91301>Question Details

Shredder, Home Buyer in 95135

i have made an offer for the list price on a short sale. How do I find out the status of my offer?

Asked by Shredder, 95135 Tue Aug 25, 2009

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Shredder,

How did you make the offer on the property? Did an agent represent you? If so, they can find out the status of the offer that was made. Short sales take a long time to be processed. You may not find out the status of your offer for up to 45-60 days. An offer is submitted to the listing agent who in turn submits it to the loss mitigation person he is working with. Then an BPO and appraisal is ordered ... there may be a counter or it may be rejected if it is a low ball offer. If it is an accepted offer, the listing agent finds out and will inform the buyers agent...who in turn informs the buyer, in this case you.

If you have any other questions, email me at:
vbeshay@pvexecs.com
1 vote Thank Flag Link Tue Aug 25, 2009
You didn't say whether your offer was accepted by the seller. It should take no longer than a week for a seller to respond to a bonafide offer.
If your offer has been accepted, under the Home Affordable Foreclosure Alternatives Program or HAFA, established by the Treasury Department in 2009, the loan servicer is mandated to respond to a short sale package and offer within 30 days.
If the borrower (seller of the property) is not eligible for HAFA (seller cannot demonstrate a hardship, for example), then some lenders will take 60 days on average.
What will make the most difference in the time it takes is the listing agent's tenacity and follow-up. I will call every 2 or 3 days to make sure that the short sale lienholder has all the paperwork. It's amazing but not uncommon for items to disappear and require re-submission. Sometimes I need to expedite a file if it is not progressing.
When representing a buyer for a short sale, I include in the offer a requirement that I see copies of all correspondence with the lienholder. If the listing agent declines, then this is a major red flag, and I will advise my buyer accordingly.
0 votes Thank Flag Link Wed Sep 11, 2013
Traditionally, the house is listed and then the offers come in. The agent then advises the client regarding the best offer. The offer that is the best financially and has the greatest chance of closing. The owner of the houses accepts one offer and signs it. The Realtor submits the offer to the bank. Then, the negotiating begins. The bank will want BPO's and appraisals. The bank comes up with a price they will take. If the offer matches or is greater, the bank can accept the offer. Escrow opens. In this very tight market, there are multiple offers on short sales. Many times the realtors are innundated with offers. Some houses get 30 to 50 offers. If the realtor has many listings, then it becomes impossible to call all the offers and tell them they weren't high enough. The buyers' agent must follow up. The agent must call and ask what the status is. Sometimes, it is very, very difficult. I have called agents, and they never call back. My clients get frustrated. Unfortunately, if you offered the list price, you may not have the winning offer. Now, most houses in short sale are going out over the asking price. Houses that are listed at $250,000 in Simi sell for $300,000 because the low price creates a bidding war. People who have lost out on several houses will pay more to make sure they don't lose the next time. Find a realtor who has experience and is persistent. This is no market for the faint of heart. Best of luck. Have a wonderful and positive day.

Richelle Briasco
RE/MAX Estates
818-923-8921
0 votes Thank Flag Link Wed Aug 26, 2009
Hello Shredder,

If you made an offer on a short sale you need to ask your agent the status of the contract. Are you the only offer submitted to the bank. Are there other offers? You agent should be able to find out where you are in the process on your offer.

Good luck!

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
(323) 899-2900
mcarrabba@kw.com
0 votes Thank Flag Link Tue Aug 25, 2009
Shredder,

that is a question you should be asking your agent. Your agent should be in contact with the right parties to find out the status of your offer. Be prepared to wait at least 2-3 months which has been the average lender response time...

Good luck!
Web Reference: Http://www.themmteam.com
0 votes Thank Flag Link Tue Aug 25, 2009
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