Question Details

Kim Marone,  in Middlesex County, MA

I put an offer in on a horse property and it was represented as a short sale. LA calls me with a counter

Asked by Kim Marone, Middlesex County, MA Sat Jan 26, 2008

offer 35,000 above asking price which now is not a short sale. I walk away and watch the property. A month later they reduce the price by 25,000. I go back on it and put in another offer. LA tells me she is cancelling the contract the next day but presents my offer anyway. They counter again 35,000 above asking price. I walk again and the next day the contract is cancelled. The property is vacant and I want to purchase it but not sure how to find out what is going on with it. There are no order of notice on public record but my gut feeling is he is just walking away from it.
Any advice would be appreciated.

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Answers

6
There is way to much we don't know about your offer or the sellers situation.
To inject comments like, "Let's assume that the LA is good and ethical" is doing EXACTLY the opposite. Anyone makings such suggestions should most certainly be avoided! To make such comment with no effort to gather additional information is reckless.

In some cases, the final negotiated purchase price will be what determines if the home will be a short sale or not. Should the owner perceive you are going to continuously negotiate the price lower, pushing it into a short sale situation, your offer can and should be rejected by the owner. The listing agent is not the decision maker but can provide guidance to the seller regarding what a typical buyer will do.

If you have packed your offer with contingencies, especially, appraisal, there are real issues that must be dealt with that will take time, effort and most likely result in a failed transaction.

Finally, should you prevail and the seller accept your lower offer, triggering the short sale process, the banks involved may come back with and even higher counter. If it is perceived you will cancel your offer at that time, then there is little point in accepting your offer in the beginning, if the perception is you will walk resulting an yet another failed short sale transaction.

In the 'Wild, Wild, West' of real estate known as short sales you really need an experienced guide. The illusion of rules lead many to believe what is vapors to be the law of the land. Every situation is different. Without a great deal more information, one can only make misguided statements.

In a short sale anything can happen. What MUST happen, in a typical short sale, is the buyer must demonstrate a commitment to see the process through to the end. Without this, everyone is wasting valuable, irreplaceable time.
0 votes Thank Flag Link Thu Apr 12, 2012
Sounds like a yo yo situation. Very frustrating.
0 votes Thank Flag Link Wed Apr 11, 2012
Just curious, are you the buyer or buyers agent?
0 votes Thank Flag Link Wed Apr 11, 2012
If you put this project in my lap, I would determine ownership and approach owner to make offer and get details on liens.
0 votes Thank Flag Link Wed Apr 11, 2012
I'd go and find the deed and find out who holds the mortgage and contact them directly. Or the servicing company (attorney) that's handling the short sale.
Web Reference: http://www.Medfordhouse.com
0 votes Thank Flag Link Sat Jan 26, 2008
First contact the LA and find out if the property is under contract to her brokerage. If not tell her that if you are successful in the purchase of the property you will pay her a referral fee for any help and guidance she can give you in gettin the owner. to sell. Let's assume that the LA is good and ethical, find out what happened with the short sale etc from her now that she is out of the picture and go directly to the seller but only if it is not under contract to another broker.
Web Reference: http://www.JedLane.com
0 votes Thank Flag Link Sat Jan 26, 2008
Jed Lane, Real Estate Pro in San Francisco, CA
MVP'08
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