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Jim, Both Buyer and Seller in Wenonah, NJ

can you still make a bid on this short sale of this house if the sale is pending?

Asked by Jim, Wenonah, NJ Sun Apr 25, 2010

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This question is about this property: http://www.trulia.com/property/1052569497-43-E-Rattling-Run-…

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HI Jim,

The price looks too good! I would bet there are a bunch of offers on this house. As with any home that is pending you can subit an offer and it will be given t the homeowner to discuss. Will it make it to the bank? Depending upon the offer maybe, maybe not. It is possilbe that they already have a good offer on the table and the bank is running the numbers and will respond to that offer. The process does not work where every offer is sent to the bank for approval as it comes in and they are usually held as back-up until a decision is made on the offer currently in place. It can not hurt to send it in.. but I would not be picking out paint just yet.
1 vote Thank Flag Link Mon Apr 26, 2010
The advice you have already received is good advise. However, I tried to submit an offer on this proerty before it was pending and they rejected the offer, even though it was higher. I wouldn't waste my time on this property and would trey to find one you have a realistic chance of obtaining. There are several other short sales in that area that are available, depending on your price range and timing. If you are looking to get the tax credit, I would avoid short sales altogether as there is not enough time to complete the process.
0 votes Thank Flag Link Mon Apr 26, 2010
Jim, Present your offer! The listing agent has obligation present it to the seller only! It is up to seller to accept, deny or use as back up! Lot of buyers walks away before the short sales is approved, lot of times banks might not accept the offer they have, buyer might not want to increase their offer therefore having your offer in the listing agent's file, it will give you an opportunity!
Good luck and let us know how it went!
0 votes Thank Flag Link Sun Apr 25, 2010
Hello Jim,
Thanks for your question.
You can submit an offer and see what happens. Sometimes the property may come back to the market if the buyer e.g. can not get the mortgage. I would continue looking any other homes just in case the buyer goes
through with the purchase you are not left waiting.
Good luck!
Ines De La Cruz
RE/MAX Connection
800-246-2799
Web Reference: http://www.inesdelacruz.com
0 votes Thank Flag Link Sun Apr 25, 2010
Hi Jim,

You can always make an offer on any home prior to closing. The odds of acceptance are low if there is already an active contract, but you never know. If you really like the house, have your agent write up an offer and present it to the listing agent. The listing agent then has an obligation to present it to the bank unless they have instructed him or her not to submit additional offers. Even then, your offer is on file with the listing agent as a backup offer and if something happens with the present deal, at least your contract is already in. It's a longshot, but it is better than no shot.

Good luck!

-Marc

Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Web: http://www.marcpaolella.com
0 votes Thank Flag Link Sun Apr 25, 2010
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