Home Buying in 32244>Question Details

Treyna, Home Buyer in 32244

What are some tips on winning a Bid on a short sale home?

Asked by Treyna, 32244 Thu May 14, 2009

The home I want to buy already has a bid on it. My husband and I want to try to win the bid with the with the bank, what are some tips on trying to get this home? Does credit score between buyers also influence the banks decision as well how much you are willing to put down?

Thank you,

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The bank is going to accept the offer that will warrant them the most money. Highest offer and terms of the contract come into play.

If it has an offer on it and you really want it, you will need to submit your highest best offer and hope it's good enough. The price that the home is listed for may not even be anywhere in the ball park. I have seen people offer list price several times and the bank counter for more. These prices are not usually already approved by the bank and not all shortsales go through at all. Sometimes the bank wont even accept a shortsale.

You have to research! You have to search public records and see how much is owed on the home, and hoew many different banks are owed. Some shortsales have 2-3 loans and 2-3 banks. These can be really tricky. Your best bet is to find a good agent that specializes in short sales. If you would like assistance give me a call or email me. I would love to assist you.
1 vote Thank Flag Link Sun May 17, 2009
Call to give me more details. It is too complicated to answer in the abstract on the internet.

You can reach me at 904-465-3852. I was #18 on The Business Journal's Top Realtor Book Of List last year.

I work as your Buyer's Agent. My service is free. My job is to get you the house at the best price possible and look out for your interest.

I look forward to hearing from you.
0 votes Thank Flag Link Fri May 15, 2009
Treyna, help us out here.

When you say: "already has a bin on it" what do you mean?
1. bank has offer from another
2. Bank has accepted offer from another
the above are very different states

and yes credit score, down payment LTV all are a factor.

a good Realtor will help make you a winner
0 votes Thank Flag Link Thu May 14, 2009
1. Make sure you REALLY know what you are buying; do your homework about the structure, the neighborhood, schools for your children (if that is a concern for you), deed restrictions, distance from work, etc..

2. Make sure you have a letter from a lender that qualifies you as a buyer for the price range you are looking in.

3. Once you are certain this is the house you want, that you have your financing in order - then make the very best offer you can make! Know in advance - you generally will have no way of knowing if there are other offers on that same property. There could be MANY offers. Your offer will need to be the best, which is why you need to do your homework and get your financing lined up before you make your offer.

4. If your offer fails - then start again. Please remember there generally are many other homes/condos for you to select from and your REALTOR (please use a REALTOR who has agreed to abide by the Code of Ethics) will help you find the right one.

5. Be honest! With yourself and your REALTOR to help him/her understand what you REALLY want, your goals and your ability to secure a mortgage.

6. Don't give up! Undoubtedly, this is THE MOST important purchase you will ever make. Think it through, but you'll know when it's right when you walk in the front door. Like people - houses have "chemistry" and you'll find it.

7. Most of all - enjoy the search. It's like weddings - the more you go to the more you know what you don't want for your own. There is a wonderful house out there for you - Good Luck.

Nancy McClary, Broker Associate
Coldwell Banker Morris Realty, Inc
866-612-1365
0 votes Thank Flag Link Thu May 14, 2009
Hi,

Big tip Uno. Don't fall in love with this home.
Big Tip Dose Put offers in to lots of homes.
Big Tip Trese Be Cash or have your pre-approval done.
Big Tip, hummmm 4, get a realtor to work with and you don't have to worry about remembering 1-3.

Regards,
Blaine Rabe
904-874-0814
Web Reference: http://www.blainerabe.com
0 votes Thank Flag Link Thu May 14, 2009
If it is a short sale it depends on the listing agent. Your agent shoudl try to see if the listing agent will give an idea of the price. Example, they could ask the agent if it is an investor offer, or if it is close to asking price. As Realtors we are not allowed to disclose the actual contract price. Your agent should also ask if the agent is presenting multiple offers at all? Some agents do and some do not as this can hold up the short sale process that is already long enough. If the listing agent is not presenting multiple offers you can be the back up offer. If the agent is presenting multiple offers you best bet is to offer your highest best, at least the listing price which should be close to or just below market value. Your agent can also write in an escalation clause which gives you the ability to offer a number higher than the highest price, but it is a risk for you. It just depends on how much you want this home and if the listing agent is willing to present yours with the other. You must present your offer with your Pre approval letter from a bank. A strong binder deposit due upon lender acceptance is good at least $1000. On a short sale the only number that matters to them is their end number, which is how much they are going to net back after liens, closing costs, and realtor commissions. This number is decided by the BPO, which is the bank's idea of market value. Make sure the home is priced right and not priced so low that mulitple offers are presented to bid the price back up close to market value. Your agent should take care of this for you.Good luck.
0 votes Thank Flag Link Thu May 14, 2009
Hi Treyna,

Tell your Realtor that you want to submit an offer on that house. Your offer would be considered a back-up offer, meaning that it would move into a higher position if the person currently in first position drops out. Many people who make offers on short sale properties get frustrated with the amount of time it takes for the bank to approve the offer.

You will need patience, patience and more patience. It could be a very long wait, and you don't want to become to emotionally attached to something you may never get.

Good luck in winning your dream house.

Nadine Mauro
Regency Realty Services
561-414-0864
NadineMauroRE@yahoo.com
0 votes Thank Flag Link Thu May 14, 2009
Hi Treyna,
I would be happy to assist you. I will need to know the property address or MLS #. Contact me at larry@jacksonvillehomes4u.com.

Larry
0 votes Thank Flag Link Thu May 14, 2009
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