Home Buying in Mission/Garin>Question Details

Goldendeer, Home Buyer in Mountain View, CA

resubmit my offer with short sale

Asked by Goldendeer, Mountain View, CA Wed Jun 20, 2012

I am waiting for a short sale responses for over 3 months. Now I am planning to resubmit my offer with a higher price for the same property. I want to make competitive offer because seller agent submits two buyers to the lender.
1. First of all, does this way work?
2. Will my previous offer be automatically cancelled?
3. What is the worst case if I resubmit my offer with diffident price?
4. If I just wait, lender may accept the other buyer since our offers so closed.
Thank you,

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BEST ANSWER
Check that the property has not been foreclosed; it may be one of the reasons the listing has expired and not renewed. When the listing is expired, it means the property is no longer available through that listing agent. You can check with the county; also, some websites do offer foreclosure information about properties. If it has been foreclosed by the bank, then your offer is cancelled. You probably just need to wait for it to be listed by another agent as a bank-owned property.

If you really want this property, just keep checking with your agent - we usually can program our MLS so that it gives us an alert if a property becomes available.

If it has not been foreclosed yet, there are a few other possibilities:

- the listing automatically expired but property is still available. The listing agent can renew or re-list this if the homeowner still desires to do so.

- the listing expired because the homeowner decided to work with another agent.

- the listing expired because the homeowner decided to pursue other avenues, such as loan modification or give up the property through deed in lieu.

Your agent should be able to guide you through. Let me know you have any more questions.

Jane
1 vote Thank Flag Link Thu Jun 21, 2012
Was it the short sale lender's requirement to submit two buyers to the lender? Usually, we only submit one offer accepted by the seller, since most lenders will only look at one. Short sales are so paper-intensive that I question if indeed the lenders want to review multiple offers.

It would be interesting to know who the lender is.

You can certainly resubmit an offer to supersede the previous one, or perhaps an addendum may suffice to make changes on your previous offer. But for clarity purposes, if you really want to make a change, re-write your offer.

I still think the seller should have accepted ONE offer, and submit that to the short sale lender(s).
1 vote Thank Flag Link Wed Jun 20, 2012
Make sure your offer was submitted to the short sale lender. Typically, the lender looks at only one offer at a time, so before you make any move, talk to your agent. Do you have an executed contract?

Assuming your offer is one of 2 offers being reviewed (again, CONFIRM this with your agent...this is not typical), there is nothing to stop you from increasing your offer. It may put you in a better position, and a revised offer automatically overrides your previous offer. Worst case scenario? An increased offer only improves your chances of being accepted, but depending on the result of the fair market value of the property, the short sale lender could counter to a higher offer to come closer to the fair market value. This is the worst that could happen, but your increased offer does not jeopardize your acceptance.

At the risk of being redundant, talk with you agent to ensure that there are actually 2 offers in review by the lender. You don't want to increase your offer unnecessarily.

Good luck!
Jane Pacheco
1 vote Thank Flag Link Wed Jun 20, 2012
Hello Goldendeer,
Who is negotiating the short sale? It would probably be either the sellers agent or the sellers attorney. Have your agent stay on top of it. Often, the bank will only consider the first offer submitted, depending on the lender. Ask if the lender is considering more then one offer, also ask if the seller has submitted all the paperwork that is needed for the short sale. Has the short sale been assigned to a negotiator? Is the person handling the short sale for the seller in constant contact with the lender.

Often if the lender is not questioned daily the file gets stuck in the bottom of a pile. I would not resubmit an offer without the advice of your agent. Make sure your agent knows what is going on on the other side of the deal.

Good luck- unfortunately waiting for three months is not all that uncommon. Many of the banks are swamped with short sales.
Barbara Carter
1 vote Thank Flag Link Wed Jun 20, 2012
thank you so much. Things change so fast. The listing is still there available.

Shold I ask my agent submit a new offer as an addendum or just re-write my offer? which is better?

Thanks,
0 votes Thank Flag Link Thu Jun 21, 2012
My agent told me this morning that the MLS showed that this listing is expired now and
"The agent did not answer phone call, and the office has no one answer the phone this morning. I got no reply from email either. You may want to look at other houses.

Is there anyone can tell me what should I do if I still want this propetty? Can I still try to resubmit my offer? What this mean: listing is expired?
0 votes Thank Flag Link Thu Jun 21, 2012
Thank you so much for those who responded me. It’s very helpful.

The seller told my agent that he submitted two buyers and he want the lender make a decision. From his massage, we guess the other buyer might be a cash offer but lower than my offer. Also both of our offers are lower than the listing price. Lender didn’t request submit two buyers. I do have an executed contract.

I concern that the lender may accept the other buyer offer without reviewing my new offer since the lender don’t have time or didn’t find my new offer file.

How can I find out the seller’s lender? If I ask my agent just submit a new offer as an addendum, will it mess up everything? If rewrite a new contract, will it mean we have to wait another 30 days?

The seller agent said he hasn’t gotten any response from lender. So I think my offer was submitted to the short sale lender. Is there other way to confirm if my offer was submitted to the lender?

I feel helpless since my agent said it’s hard to reach the seller agent. I called seller agent as well asking for the lender, but didn’t get any response. Is he supposed to tell me or my agent? Can I directly contact the lender if the seller agent and my agent don’t have time to do? If the seller agent is helpless and ignores our request what we can do? Can we directly ask the seller?

Thank you again,
goldendeer
0 votes Thank Flag Link Thu Jun 21, 2012
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