I put an offer in on a short sale, the owner has yet to respond. Now what?

Asked by Janet Briscoe, Stockton, CA Sat Apr 16, 2011

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Sheri Garland, , Stockton, CA
Sat Apr 16, 2011
BEST ANSWER
Hi Janet,
Keep looking and don't put all your eggs in one basket. If they didn't respond, they probably don't like the offer. Shift your attention to looking at other homes and if it comes back around to you then that's great, if not, you are not waiting by the phone. (I'm assuming you've tried to get an answer from your agent already.)
If you put in a very low offer they may not even acknowledge it. Just see if the listing agent did indeed receive it and if so, then maybe she or he can clue you into what is going on with the property/sellers.
If I can be of any help please let me know. :)
Sheri Garland
0 votes
Bob Lane, , Stockton, CA
Sat Apr 16, 2011
Hi Janet,

Depending on how long you put your offer in, your agent should make contact with the listing agent to 1) make sure they received your offer and 2) to get any updates as to what is going on. When you find that out from your agent then you'll know which direction you'll want to go, as in, sticking around or move on and start looking at more homes. There could possibly be a few things going on with the seller and mortgage company but your agent should speak to the listing agent to get that information for you.

Good luck and hopefully you'll get the answers you need and if things don't work out for you I'd be more than happy to help you.

Bob
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Apr 16, 2011
Your buyers agent is professional to assist you, have them contact the listing agent determine what the problem is some instances may require lender approve PRIOR to property owner executing the agreement

Recommend keep looking, try to resolve these issues

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Shane Willis, Agent, Pensacola, FL
Sat Apr 16, 2011
The owner or the bank. If the owner has not responded in a reasonable time there is a huge red flag. I would have my agent call the liting agent and find out whats going on (even if they have to threaten to walk away)
0 votes
Michael Ford, Agent,
Sat Apr 16, 2011
scott makes an excellent point...if the agent is not experienced in the negotiations of short sales there are MANY MANY negotiators he/she can pay to do that for the seller. the banks have ALL gotten much better in the last year and some are approving sales in a s little as two or three weeks provided the sellers are providing the necessary documentation in a timely manner.

regardless of the reasons for their silence it is very poor professional courtesy for the sellers agent, if they have one, to leave you hanging.
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Apr 16, 2011
Janet you can not make a seller accept your offer, a short sale is not cut and dry, hopfully the seller is taking time to make sure things are in order before just signing an offer. The listing agent should be experienced enough to be working with an experienced negotiator on the sellers side, make sure the seller is quailified to complete a short sale and that they negotiated what will happen to that deficiency that is left from what it sells for to what they sell it to the buyer for. If you do not have alot of time, if you need to buy quickly, then a short sale may not be for you
Web Reference:  http://www.ScottSellsNH.com
0 votes
Michael Ford, Agent,
Sat Apr 16, 2011
you don't give us any info as to how long it's been since you submitted your offer, and whether or not you have an agent. assuming you are both represented, your agent can call the listing agent to see what their practice is on short sales. at the very least it is good courtesy for the sellers agent to advise you of the status.

if the sellers agent is inexperienced they may be just now collecting the documents that the lender will want from the seller to consider their request for a short.

you also may find that the agent has a practice of not formally accepting offers and simply submitting unexecuted pro-forma's to the lender. this is aggravating and is a waste of your time. it is the sign of an incompetent agent.

you may also learn that the agent is submitting multiple offers to the lender and letting the lender drive the bus as regards the sale. it's important to remember that the seller is still the owner and is the one who agrees to sales terms. you should insist that your offer be formally accepted subject to the lenders consent to the short payoff.

the topic you raise is a recurring theme and one of the reasons why many buyers make as many offers as they feel like...many times without disclosing that fact to the sellers. many agents have decided that their obligation to their clients is greater than their obligation to sellers and their agents.
0 votes
Bill Eckler, Agent, Venice, FL
Sat Apr 16, 2011
Janet,

In addition.......if your offer was a very low offer, sellers sometimes elect to not respond. If this is the case, you may want to process your options with your buyer's agent.

Bill
0 votes
Bill Eckler, Agent, Venice, FL
Sat Apr 16, 2011
Janet,

Short sale asking prices are normally based on a price that the seller hopes their lender will accept. They are likely processing this information before accepting or countering an offer. Our recommendation....be patient, you should hear something soon.

Bill
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