Home Buying in Fort Wayne>Question Details

eel327, Home Buyer in Fort Wayne, IN

Ind. short sale, listed 1 yr no offers. listing, appraisal and amount offered same. Seller accepted, bank 5000 more. new laws full value offers?

Asked by eel327, Fort Wayne, IN Sun Dec 1, 2013

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Short sales are difficult at best to get to close. The bank doesn't have to accept your offer. The way the process works is once your offer is submitted the bank orders an appraisal or BPO. The bank then decides o if they are going to counter or accept. The listing price and the seller acceptance doesn't matter to the bank. The bank only cares about the net and won't accept an offer unless they get the required net. The net is based upon the as is appraised value and after all the expenses are paid.
You must have patience to close. It usually takes a minimum of 3 months to close and in the end you
could end up with nothing.
Also the home must appraise out for what you have offered or you would have to bring that extra money to closing or you would have to walk away.

Good luck,
1 vote Thank Flag Link Sun Dec 1, 2013
Ok So it is only a verbal from lending secretary to listing agent that they want more and they will not send anything in writing to the seller or his agent. At this point with no accept, reject or counter in writing to respond to and being it is a chase bank and the time for response upon them it is a dead deal.
Flag Tue Dec 3, 2013
Thank you for your answer it covered most of the questions. Shannon could you please explain in more detail about the net? I have seen things saying they 10 days to acknowledge they recieved the offer at the bank and 30 to give you an answer and that if they get an offer that covers the net amount they have to accept it . But saw that one written in a couple different ways so was wondering what the new laws actually say they have to accept. I even saw something that said short sales are illegal. But could not get more info on that and lost the site.
Flag Mon Dec 2, 2013
There are no laws regarding short sales pricing. Buyers need to understand that to begin with there no law requiring a mortgage lender to ever accept a short sale. In addition; frequently Sellers do not qualify for a short sale. (In other words they have assets) Finally you may be operating under the misconception that bankers are 1.- Logical and 2.-Half as smart as they think they are when in fact neither is typically the case.

There are only a couple questions you need to answer at this point. The most important: Is the house worth the extra $5000 to you? For consideration: Why would you want to buy a home that clearly isn't desirable at the listed price as evidenced by the fact that it's been on the market for a year; particularly when it's clearly no particular bargain and comes with a significant hassle factor?
0 votes Thank Flag Link Sun Dec 1, 2013
Thank you for responding. I must admit I must be more ignorant then you give me credit for as I could not find answers to my questions in your reply only sarcasm. But from that i did find out that there are at least 2 people I would not use because of that.
Flag Mon Dec 2, 2013
Excellant explanation Larry!
Flag Sun Dec 1, 2013
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