Property Q&A in Tempe>Question Details

Robert, Home Buyer in Phoenix, AZ

Could you let me know if the bank begins accepting other offers?

Asked by Robert, Phoenix, AZ Tue May 5, 2009

This question is about this property:…

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Hi Robert,

This is not yet owned by a bank. It's still owned by a private individual owner, but s/he is attempting to sell it as a short sale. Not too many short sales actually end up selling. Roughly about 90%-95% of short sales end up being foreclosed on and revert to REO foreclosures. Besides, the seller has already accepted an offer on this property and has sent it to his/her mortgage company(ies) for approval. You can submit a backup offer, though, but that's not recommended.

As a home buyer, you will be best served by allowing an exclusive, full-time Buyer's Agent to assist you. Otherwise, you may continue to located properties that are no longer for sale.

Buyer's Agent Realtor
Web Reference:
0 votes Thank Flag Link Wed May 6, 2009

That property is not bank owned, it is a short sale. Currently it is AWC, the seller has an accepted offer waiting bank approval, but are accepting back-up offers. There still a good chance that the property will never sell as a short sale and end up being later sold as a foreclosure.

Let me know if you are interested.

Carlos J Ramirez, PC, ABR, CNE
Associate Broker, HomeSmart -
0 votes Thank Flag Link Tue May 5, 2009
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