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

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This question is about this property: http://www.trulia.com/property/1076091495-321-E-Balboa-Dr-Te…

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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.

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PAUL WELDEN
HomeSmart
Buyer's Agent Realtor
Web Reference: http://CheapTempeHomes.com
0 votes Thank Flag Link Wed May 6, 2009
Robert,

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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