Question Details

Susan, Home Buyer in Woodbridge, VA

Buyers Agent responsibilities -

Asked by Susan, Woodbridge, VA Wed Oct 29, 2008

My husband I have put an offer on a short sale. Our buyers agent is an employee of the listing agent. We are the second back-up and have been told by our buyers agent that we don't stand a reasonable chance. However, I spoke with the listing agent, that for whatever reason believed I was the first back-up and stated that the second back up was significantly higher than all offers, more money down, no contingencies and very strong (high FICO score). I had asked my buyers agent what we could do to improve our chances. She said "nothing". My understanding is that the bank has to approve the short sale. I asked this question and my buyers agent said that it was "approved". Although, this was just a week after the first offer was ratified. My understanding is that the bank has to approve it as a short sale and also approve the list price. The list price appears to be low. The couple is going through a divorce. Is is appropriate to ask whether the mortgage payments are being made?

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I would question the list price if it sounds too good to be true. Many times the listing agent will throw the property on the market at a ridiculous list price hoping this will cause a bidding situation with buyers. I have seen this many times here in Denver. The buyer rarely gets the property for the low initial list price. If you track the actual price, you see that its much closer to the actual market value. You can find out if mortgage payments have been made buy seeing how far along they are in the pre forclosure process. A good title company/Realtor can help you obtain this info...
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0 votes Thank Flag Link Wed Oct 29, 2008
I think that you should ask as many questions as possible in a short sale situation. Is there one lender or more? Has the bank approved the sale before and for what price... Your agent should try and get you as much information as possible.
Lots of luck.
Karen Abramson
0 votes Thank Flag Link Wed Oct 29, 2008
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