Is it possible for a bank to get back to you on a short sale offer you have made in just a few hours?

Asked by Bj Kenyon, Rancho Mirage, CA Tue Nov 1, 2011

We made an offer on a short sale. We were told it would take up to thirty day's to hear back from the bank. The realtor we are using said he submit our offer on Monday and called us back within three hours and told us that the bank had not accept the offer because it was below the floor amount that the bank had set of $550K. Is this possible that the bank responded that quickly or is more likely that the offer wasn't even submitted?

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Harold Sharpe’s answer
Harold Sharpe, Agent, LAKE HAVASU CITY, AZ
Sun Nov 6, 2011
Yes you can talk to a bank and have a decline in a few hours.
It is getting the yes in a short time that is the difference.
It is very possible the agent had worked on another offer prior to yours and had a working relationship with the negotiator. I try to do that when I list short sales. Some time the banks counter with a letter or a verbal other times they say NO. I know right now I could list a property and with some banks, I can get an offer and have an idea from the sellers lender of what the bank wants rather quickly. You stated the bank had set a floor amount of 550k. What is the problem in understanding the bank made up their mind of what they wanted?

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
California Department of Real Estate Broker License # 01312992
0 votes
David Nazari…, Agent, Palm Desert, CA
Wed Nov 2, 2011
Dear Mr. Kenyon,
If you have doubts that your agent did not submit the offer, get a new agent. Obviously, if there isn't a sense of trust that exists between you and your agent, you already have an issue with him/her. Do yourself a favor and sit down in a serious vein and communicate with your agent. It would be foolish for that agent NOT to submit an offer, and unethical, if he/she said they did. A possible scenario is that he/she communicated with the listing agent who already knows what the bank will consider and if it was not within the range that bank was looking for, the listing agent might have indicated that your offer didn't have a chance. The bottom line is that if you really want that home, resubmit your offer after you and your agent have had a very long conversation. Give your agent the benefit of the doubt. Today, in this business, TRUST is everything!
0 votes
Annette Law…, Agent, Palm Harbor, FL
Wed Nov 2, 2011
Bj, you have received many outstanding explanations. Welcome to the '''Wild, Wild West of Real Estate."
When it comes to short sales, every situation is different. We can do 100's even 1,000s and still be amazed at what can happen based on which side of the bed someone in the incredibly complex process got up on.

Nearly everything that happens is beyond the control of the real estate professionals involved. However, those professionals do know what options are available when the craziness starts.
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Anne Salerno, Agent, PALM DESERT CA 92260, CA
Tue Nov 1, 2011
Hello BJ,
There are many variables that may make what you've mentioned " possible.," however this is not a
common occurance.
Two examples of exceptions might be if your home has had a previous offer which worked its way
through the standard short sale process to which a negotiator has been assigned to the file, and a
counter by the lender to which the lender is holding firm and your " original" buyer declined to pay the countered amount. IF the file is yet active and negotiator is at hand it is possible
your agent has direct contact thereby reporting a decline quickly. In this case the communication between you and your agent should have been current and clear without a doubt as to what is transpiring.
Another exatmple would be if this is a HAFA approved sale ( government program ) which has a pre approved value ( commonly unrealistic ) and lender is holding firm to this " value." In this event IF lender value is higher than current market value preparing a letter of Appeal with supporting documentation establishing the offered price as a current value or at least closer to " market," than is the default counter you've mentioned is recommended. Feel free to call with any concerns 760.831.49156 Anne Salerno
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Christopher…, Agent, Methuen, MA
Tue Nov 1, 2011
It is possible that they responded quickly, but it usually takes banks at least a day or two to respond and sometimes longer.
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Devona Garri…, , Beaumont, CA
Tue Nov 1, 2011
We have processed tons of short sales and have never ever seen a bank respond the same day. In fact, it takes at least a day just to coordinate the offer from buyer's agent to listing agent and then to seller for signatures and then back to the listing agent. Its probably just a misunderstanding. We have responded to buyer's agents that have sent us an offer to inform them and their buyers about the lender's predetermined price and conditions.
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Marc White, Agent, Charlotte, NC
Tue Nov 1, 2011
Many banks have automated systems hat will "automatically" reject offers. So this is very likely the case.
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Ed Brophy, Agent, Cathedral City, CA
Tue Nov 1, 2011
It's likely that the offer was never submitted to the bank, especially if the agent knows the banks bottom line.

Short sales aren't the bargain most people believe them to be. Short sale homes are selling at or very close to market value.
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0 votes
Eric J Soder…, , Pleasanton, CA
Tue Nov 1, 2011
It is most likely that the seller and listing agent know the bank will reject your offer so the seller chose not to accept it. This is what they should do it the offer was too low.

Best Regards,

Eric Soderlund
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