Home Buying in 94565>Question Details

Darryl, Home Buyer in 94520

I have a bid in on a short sale for about four weeks now. I under bided the asking price by about 15%.

Asked by Darryl, 94520 Wed May 28, 2008

The bank countered my offer. So I added an addendum to my bid waving the seller obligation for the hazard title fee and the 1 year home warranty.
The bank contacted me saying that they have performed the bpo and that I should hear from them in a week. Because my offer had to go in front of some committee. This Friday is a week and I was just wondering if I should have agreed to the addendum and what do you think my chances are for this property

Help the community by answering this question:

Answers

10
BEST ANSWER
Don't second guess yourself. However, do note that when you didn't accept the bank's counteroffer as it was written, and added an addendum of your own, you essentially negated the bank's counteroffer. As such, you don't have an accepted offer. 5 weeks or upwards of 45 days is about normal to get a response for a short sale.

Even if your realtor calls the listing agent daily, and the listing agent follows up with the loan negotiator daily, it will not expedite the process. A loan negotiator on a short sale has this additional greeting for his voice mail box "Follow up calls checking on statuses will not be returned as they only delay the process." Can you imagine having a case load of 300 files, and having to field 300 follow up calls a day?

When submitting an offer on a short sale or foreclosure, you may only have one shot at it, so make it your best and highest offer. Keep it simple. Send a complete package. And hope for the best.

Good luck!
0 votes Thank Flag Link Thu Jun 5, 2008
get on your Realtor. In this market they have to be like a Pit Bull, if they won't, get another! Calls everyday to banks and Listing Agents are the only way to go. best of Luck! The Coach
0 votes Thank Flag Link Fri Jan 2, 2015
Nice to hear a very good news from a short sale. Best luck on getting inspections done and closing. Sounds like you got a great deal.

Agreed with your assessment of not having pictures for the house - even with short sales and REOs, the Realtors should still do their best to market the homes - their duties. But their loss is your gain. Congrats!

Sylvia
0 votes Thank Flag Link Sat Jun 7, 2008
Sylvia Barry,…, Real Estate Pro in Marin, CA
MVP'08
Contact
Congratulations, Darryl.

Sometimes, a property could receive several offers....but potential buyers back out or withdraw their offers, one by one, because of the extra-long time it takes to get an offer accepted. Glad that this one is ending in your favor.

And now, the fun begins! Have a good one!
0 votes Thank Flag Link Sat Jun 7, 2008
Good news, they accepted my offer last week and I started escrow yesterday.
I think I got a good deal. nice size 10 year old home, good location, good school district and most important quick freeway access
the banks inital asking price was 447,900.
The 347,000 listing was after they reduce the price after three months on the market
It's a nice place. I think they did not get more offers because they only had one photo with the listing.
So I got it in the high 2's.
0 votes Thank Flag Link Sat Jun 7, 2008
Thanks everyone that responded to my question:
Ok when I said the bank countered all they wanted was to not be responsible for the 1 year warranty and the hazard title. They did not ask for any price adjustment I agreed. As the property was listed at 347,900 and my offer was almost 15% below asking. Last I heard I had the only offer on the table as the property has been on the market since February. And it's close to five weeks I’ve been waiting. Starting to go a little crazy wondering.
0 votes Thank Flag Link Tue Jun 3, 2008
You don't say at what price the bank countred. If it was close to what you'd offered...you probably should have taken it (if you knew it to be a good value). If it was a good deal, you don't want to blow it by haggling over pennies. (A 1 year home warranty costs about $400. That's barely a dollar a day.)

And Eric's right: You have to be persistent. Very persistent.

Good luck.
0 votes Thank Flag Link Tue Jun 3, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Hi there Darryl. It depends really , short sales are very unpredictable. Buy make sure your agent is in constant communication with the listing agent.

Regards
Michael Barron
First Team Real Estate Short Sales Dep
0 votes Thank Flag Link Tue Jun 3, 2008
Darryl,
Dealing with any bank is a complicated prospect. Any agent working short sales and/or foreclosures can tell you that it all depends on who you get assigned to at the bank. One transaction goes smoothly and the next is like pulling teeth with the same bank. You just never know. I'm sure your agent is working diligently on your behalf.
Good luck and best wishes!
Warmly,
Janice Spencer
0 votes Thank Flag Link Wed May 28, 2008
Darryl, get on your Realtor. In this market they have to be like a Pit Bull, if they won't, get another! Calls everyday to banks and Listing Agents are the only way to go. best of Luck! The Coach
Web Reference: http://askPCR.com
0 votes Thank Flag Link Wed May 28, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer