1) The bank reviewed all offers and asked for feedback from the LA (me) which offer was recommended to accept.
2) The bank negotiated each offer that was presented in order received. The bank countered to Offer #1, which was a lower price and had a sales contingency, while ignoring Offer #2 which was a cash offer at a higher price with no sale contingency. Figure that one out and tell me why banks are in trouble. Eventually, Offer #1 failed, and the bank moved to Offer #2,
3) The bank wanted only to receive contracts signed by the seller and buyer. If that contract did not go through, the bank directed the seller to negotiate another contract with another buyer and submit that contract for lender approval.
So, as you can see from my short list of examplesâ€¦.itâ€™s always different. Each bank and even different Realtors handle the presentation of short sales offer differently.
Deborah Maday - Broker
Peninsula Realty Group - New Jersey
I would put very little stock in being told you are "second back up". Instead, my recommendation is to shop for other homes, and leave your back up offer in place - but don't count on it. If it happens, and sometimes it does - it's meant to be. If not, your dream home is probably right around the corner. : )
After reviewing all the answers including mine from yesterday I want to respond again. You are "second"backup. That means the Bank has accepted an offer and is in some stage of signing the contract. We will call this person the "primary". In front of you is the "first" backup person who is hoping the financing or something else will fail for the primary and they can then become the "primary. This then would move you up to the "first" position. Rarely does this chain of events happen running down to the "second' Backup. I'd "move on"! Why wait for something that probably will not happen. Too many good homes and great prices in the Woodbridge area.
Yes, the bank will see your offer IF the listing agent spend the time to send it to the lender(s) and follow up with the lenders. I have contracts that I sent the lenders several times and due to the huge mess (I can only image) in the loss mitigation department (especially the large institute with tons of short sales), they sometimes get lost. So, make sure you follow up with the agent who follow up with the lenders to ensure they received the offer and who will continue to follow up with the lenders to make sure each step is completed by the lenders concerning your offer.
Real Estate in Marin Countyr
It depends on the Bank's policy. If you were told you were the "second backup", I'd assume they did review your offer. Why remain in the backup position? Why mess with Shortsale homes with the large number of foreclosed homes available to consider, why inflict the stress and uncertainy upon yourself? Until the Settlement documents have been signed, you have no guarentee that what the Bank agrees to will become reality. By the way, you are welcome to join me at my free Home Buyer seminar on the 18th at the Woodbridge campus of Strayer University. Starts at 1pm. See my website http://www.military-realestate.com for info.