How Many Short Sale Offers Can/Should You Make?

Asked by BB, Los Angeles, CA Thu Mar 5, 2009

Hi everyone--I'm totally new to the real estate market and made an offer on a short sale last Saturday. The realtor did not take my earnest money check but simply made a copy of it to submit to the lender. It's almost a week later and I've heard nothing, and the realtor has been uncommunicative. I don't think I'll get the property. My question is, should I keep shopping? And if I find something, should I make an offer? Is there penalty for withdrawing an short sale offer BEFORE it is accepted/rejected? Thanks...

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6
Dp2, , Virginia
Mon Mar 9, 2009
Actually, you legally can--and I do (with the blessing of my attorney)--make multiple offers, and I'd strongly recommend that you get your realtor to incorporate the following into your offers: 1) a kill date, and 2) a contingency clause that explicitly states you're making multiple offers and going with the first accepted and best offer.
1 vote
., , Los Angeles, CA
Mon Mar 9, 2009
Zero - they do not exist. Institutional investors are suing lenders for breach - wnat to join in? Get the E&O on the phone!

Obama throws it into Bankruptcy courts in an effort to stick it to world investors!
God bless the President for his efforts! But they do not exist...short sales (short sails are different)
Ask Bernake why and where the reserve is short due to losses.

Ellie Mae and Freddie Mertz have ther own problems but private label paper -
your out of here!
0 votes
Jonelle Bech…, Agent, Beverly Hills, CA
Sun Mar 8, 2009
Legally one unless your previous offer has expired. Good Luck!
0 votes
Keith Sorem, Agent, Glendale, CA
Thu Mar 5, 2009
Anon
I suggest that you team up with a sharp Realtor that knows the market and their business. Although I appreciate you wanting our opinion, my best advice I can provide you is make sure you know that difference between chasing properties and buying a property.

You need to have a plan. Work with a professional that you respect. You will have fewer disappointments in the long run.
0 votes
Karen Miller, Agent, Long Beach, CA
Thu Mar 5, 2009
Absolutely keep shopping! When an offer is made on a short sale, the buyer's agent keeps the check & submit a "short sale addendum" with the offer. It is not unusual to make several short sale offers at a time. Why are you working with a realtor who is "uncommunicative"?

Karen Miller
0 votes
John Barry, Agent, Eagle Rock, VA
Thu Mar 5, 2009
Hi there,

It is not unusual for a short sale approval to take SEVERAL weeks, if not months, as the lenders are so overwhelmed with requests. You can always keep shopping, and if you find something you like better than the property on which you have already made the offer, as long as it has not yet been accepted, you are entitled to withdraw your offer at anytime without any penalty. By all means you can make an offer on another property, but I would be sure to notify the seller of the first property that you are withdrawing your offer prior to making the offer ont he second, so you are not locked into two contracts unintentionally. Please feel free to contact me at jb@jbknowsthevalley.com with any questions. I would be more than happy to help you out and answer any other questions you may have.

Take care,

John Barry
Coldwell Banker Residential Brokerage
0 votes
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