Home Buying in San Diego>Question Details

Richard, Home Buyer in San Diego, CA

I was looking at a property online and noticed the following remarks: No more showings. Fax down payment

Asked by Richard, San Diego, CA Sat Jan 3, 2009

verification and loan approval letter. How is a prospective buyer going to be able to make an informed decision if showings are not allowed?

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Hi Richard,

Many short sales have been priced way below market value so they can get multiple offers to submit to the bank. When it first comes onto the market, tons of people view the home and submit offers - many way over the listing price. Then the short sale process begins -w hich means waiting a really long time for bank approval. During that waiting period, agents and sellers beliefve there is no need to show the home. Beginning January 1, 2009, agents can no longer underprice these homes, so that should help the consumer and the market. The best thing to do if you are really interested in that particular home, is to watch and wait. Often, the bank takes so long to approve the short sale, that they lose all of the buyers who had submitted offers, then the home comes back on the market. This is ideal for "new buyer" because the short sale is already approved and it won't take nearly as long to close escrow. Your agent should really be on top of things and get you listings as soon as they come on the market - the really good deals go fast. Feel free to email or call me, I would be happy to help.
1 vote Thank Flag Link Sun Jan 4, 2009
During a short sale the bank requires the seller and the listing agent to submit all offers that come in even though the seller may have signed one already, the seller may not realize that they need to sign all offers and the bank not the seller chooses what is best. some sellers do not want to be inconvenienced or just gove up and dont allow any more showings. you can as was stated make an offer continginent upon viewing. Listing agents need to inform sellers about bank regulations and requirements about short sales. the bank is trying to get the best offer, they do not have to accept anything and even though the seller may choose to sign an offer does not mean the bank will sign it. ALL offers need to be submitted up to the time the bank signs one of them. When a new offer comes in teh klisting agent should alert any offers alrady submitted and ask for a new and best offer. this can happen several times during the whole process. good luck with your search
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jan 4, 2009
Richard, you write an offer subject to visual inspection. If you decide to write an offer, a buying strategy will need to be proposed and executed by your agent.

Let me know if I can help.
0 votes Thank Flag Link Sat Jan 3, 2009

In that situation, it means it's a short-sale and the seller has accepted the offer and does not want to be inconvenienced with showing the property any longer. The only reason it's still on the market is because the bank hasn't officially made a decision on whether or not they will allow the transaction to occur.

Hope that helps! Let me know if you need any additional information.

Cassandra Uphaus
Realty Executives Dillon
0 votes Thank Flag Link Sat Jan 3, 2009
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