Home Buying in Owings Mills>Question Details

Sara, Home Buyer in Columbia, MD

If an offer on a short sale has been accepted can I still make an offer? will cash and shrt cls help chncs?

Asked by Sara, Columbia, MD Tue Jul 28, 2009

We want to purchase a short sale we recently saw, but the listing agent told us they were deciding between 2 offers that night. We are paying cash and can close asap. Can we still submit an offer? and will our cash and quick closing help? Our agent wasn't very enthused about us putting in an offer (I think he doesn't want to mess with the short sale process)

Help the community by answering this question:


For sure....banks like cash offers and quick closings. In fact, they'd rather sell for less if they can close quickly. The chance that the financing might fall through or that an inspection will cause a problem for the loan is motivation enough for them to give priority to your offer. If the listing agent has not submitted any offers yet and is going to present them all at once, then you should throw your hat in the ring.

Ask your realtor to write it up and if they are reticent, tell them you'll get another realtor who will. Ask them to do a market analysis and make a fair offer on the property. Since there are other offers you'll want to be competitive, but if they let slip that there aren't other cash offers then you might have a chance.

If your realtor is not full time and is shy about short sales you probly have the wrong person (no offense). Short sales are such a big part of the landscape now that if you're a realtor and haven't taken the time to become comfortable with the process of short sales, REO's and foreclosures, then you should look for another profession. Again, no offense....but if you can't be one of the best, why play? If you are a buyer you should trust your realtor and have some confidence in them that they know what they're doing and that they're looking out for you. I'm just sayin......
Web Reference: http://ericsellsjax.com
0 votes Thank Flag Link Tue Jul 28, 2009
John & Brian both gave very good answers. I recently settled a listing that was a short sale with a cash buyer that wanted to close in 30 days and it took the bank 90 to approve the sale. So cash did not motivate them at all. We were placed in order of the completed packages that were submitted.
0 votes Thank Flag Link Wed Jul 29, 2009
Assume the listing agent means that the seller is deciding between 2 offers. You can always submit an offer and your agent should deliver it to the listing agent. In most states the listing agent is obliged to bring it to the attention of the seller regardless of whether it is a short sale or not. But you should know that the seller's agent will only submit one of the offers (the one accepted by the seller) to the lender for approval. Since short sales move slowly the fact that you are making a cash offer and are ready to close ASAP is not a significant factor. Once one offer has been submitted to the lender, all other offers would be held by the listing agent as back up offers.
0 votes Thank Flag Link Tue Jul 28, 2009

The big question is if the seller has signed an offer. The seller can only sign one offer. Find that out...if the answer is no, then you can/should submit an offer. If the answer is yes, then you can only be a back-up to the first offer, which is probably a big waste of time, especially for a short sale. As for being cash, it is probably no difference to the seller's bank....it is all a bottom line loss to them and what they are willing to do vs seller's foreclosure / hardship. You also won't be able to close asap, because you'll be at the mercy of the seller's lender, which usually will take 60-120 days.
Web Reference: http://123move.net
0 votes Thank Flag Link Tue Jul 28, 2009
Do the seller's really care if my offer is a bit better than what they already have? If the listing agent has already submitted an offer to the bank, can they submit another one, if they like our offer?

0 votes Thank Flag Link Tue Jul 28, 2009
Make the offer!!! The key will be getting the listing agent to submit the offer to the loss mitigation assigned person on the case. From my experience it is great that you can close quickly and are paying cash, HOWEVER I know that more money (higher offer) in almost any amount will cinch the deal. Banks want to make the most they can, even if it is a hundred bucks.
0 votes Thank Flag Link Tue Jul 28, 2009

If the bank hasn't made a decision and the sellers are willing to take another offer, then you should be able to submit the offer (the sellers are not obligated to look at any more offers). With 2 other offers on the table, your offer would have to be pretty strong, although paying cash is always a plus for sellers and the banks. I understand your agent not wanting to get involved in a short sale, but he/she should submit an offer on your behalf if that is really what you want to do.

Good luck to you!
0 votes Thank Flag Link Tue Jul 28, 2009
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