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.
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.
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
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
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.
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.
Regency Realty Services