MLS 21016313 Back up bid on short sale? Who is the lender? How much is owed on the house?

Asked by Jenmary, Howell, NJ Fri Mar 2, 2012

The real estate lady told me that a home I was interested in that is a short sale home has a bid placed on it and it was accepted. Can I offer a back up bid? Is it possible to find out how much the bid was for? Can I find out who the lender is of the property and can I make an offer to them and skip the real estate lady? Is it possible to find out how much is owed on the house and how many banks are involved?

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Francesca Pa…, Agent, Manasquan, NJ
Wed Mar 7, 2012
PS: the listing does NOT say that the bank accepted the offer and again, having dealt with many short sales that have imploded, I feel u still have a chance if this property is still in "review" with the bank.


Francesca Patrizio, Broker Sales Associate, ePro, SREs
GLORIA NILSON REALTORS, REAL LIVING
Francesca @PatrizioRE.com
732.606.2931 (Direct/Cell 24 - 7 )
Web Reference:  http://www.PatrizioRE.com
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Wed Mar 7, 2012
PS: the listing does NOT say that the bank accepted the offer and again, having dealt with many short sales that have imploded, I feel u still have a chance if this property is still in "review" with the bank.


Francesca Patrizio, Broker Sales Associate, ePro, SREs
GLORIA NILSON REALTORS, REAL LIVING
Francesca @PatrizioRE.com
732.606.2931 (Direct/Cell 24 - 7 )
Web Reference:  http://www.PatrizioRE.com
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Wed Mar 7, 2012
JenMary,

No worries about the commisison. In a short sale, the commision is paid to the agents by the bank and should not be a worry on your part.


Francesca Patrizio, Broker Sales Associate, ePro, SREs
GLORIA NILSON REALTORS, REAL LIVING
Francesca @PatrizioRE.com
732.606.2931 (Direct/Cell 24 - 7 )
Web Reference:  http://www.PatrizioRE.com
0 votes
Larry Sarlo, Agent, North Wildwood, NJ
Mon Mar 5, 2012
absolutely. YES! Any realtor showing you a home will get a percentage of the commission. It is stated in the MLS

You are doing great! Good luck in your house hunting.

Search foreclosures and short sale here: http://www.BuyNJShortSales.com
Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips
Larry Sarlo
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes
Jenmary, Home Buyer, Howell, NJ
Mon Mar 5, 2012
No, she is not incognito as Robert. And I am really Jennifer with the middle name Mary (jenmary for email). I just didn't know if I should talk about her on a public forum and give her name. Thank you, Larry, for all your help. Sorrry if I took the initiative to call you by your first name as I'm not really big on Mr. and Mrs for myself or others. I know I should assume someone wants to be called by Mr. or Mrs. even though the sign the email with their first and last name.
If I ask a realtor to show me the house and they are not the listing agent, am I right to say they get part of the commission for showing me the house and the listing agent gets part and it's okay to ask her help even if I can't afford to hire her to represent me? She will still get commission, right? I get nervous that I will somehow end up having to pay the realtor instead of the seller paying or in additon to the seller's commission. Yet I don't want to avoid asking her help and ask another realtor and she end up getting nothing for her efforts. I know that's part of being in sales. You don't get a sale for every customer, but I'm trying to be fair. Jennifer
0 votes
Larry Sarlo, Agent, North Wildwood, NJ
Sun Mar 4, 2012
Jenmarry, I was poking fun at the term "real estate lady" but I understand your seriousness of your questions. I might even refer to her the same way if I didn't want to say her name or even know it... But again I said that in light humor only. I hope you at least got a smile out of it.

So Bruce are you saying the Real Estate Lady is incognito and is really Robert? or vise versa?

As I said before if the offer is accepted it is done... But a back up offer will not affect you or cost you anything. But I wouldn't sit around waiting in hopes the deal falls thru. But if the deal does fall thru, your offer will be on the table for the seller to accept or reject. At least you will have a shot at getting that home.

Consider this when working with short sales going forward... if a realtor has an offer accepted by the seller already...
Ask the realtor if the package has been sent to the bank yet. If it has not yet been accepted, a seller may consider your offer. Make your offer! Ask for your offer to be rejected in writing and signed by the seller, so you make sure your offer is looked at and presented. This will ensure your offer is presented and looked at by the seller. Seller does not have to accept yours, even if yours is more money. Seller should consider strong buyer credentials more important than the offer price itself. There are some other factors to include in your offer to make it stronger also.
We all know all offers are supposed to be presented to the seller, but you want to be sure your offer is considered. Make your offer strong... Meaning, price, terms and your pre approval letter from your lender.

Look for short sales with only one lender... if the home has 2 loans on it it is going to take longer to get your approval. That 2nd lender can foul up the entire process. But if its a home you want, why not try for it. Just understand your tolerance level of waiting. figure 3 months, minimum, waiting if there are 2 lenders or if the home has other liens on it. Such as judgments, tax liens or other clouds that may cause friction to have settled. Ask if a title report has been run. A good short sale listing agent will have title run right away on the property as soon as it is listed.

Don;t let anyone scare you away from 1 lender short sales because of the name of the bank. for instance, I see so many people say,"Bank of America" don't even bother or waste your time" Not true Bank of America is a good short sale lender and has the process together , most of the time, and I say this for all of the lenders out also.. It is up to the negotiators to keep things on track. If the both negotiators are waiting for the other, it will take a long time to process. Be very proactive, not a pest, but ask for updates. The initial process will be:

present your offer

accepted by the seller contracts make sure you put in contract when the pkg will be sent to the bank how many days 5 days is a good fair time frame

package is sent to the lender for approval ask for update.

Bank will correspond with sellers negotiator mostly at this time it will be sellers financial information being considered and it will be assigned to a closing agent or negotiator when full pkg is acceptable

Bank will determine the home's value

Bank will accept or reject or counter your offer. Do not be afraid to counter their offer.

some more time will be waited maybe a week or 2. I always figure 10-20 days in between offers. Most likely if you are waiting a long time, they are preparing approval. Not all the time, but my experience.

Bank may say their appraisal is much higher and a redetermination of the value would have to be disputed.
Very typical... but this can be done if your agents are savy enough. I had 3 of this same scenario last month. My listings. All 3 were redetermined within 3-5 days, accepted and closed. This after they told me 3-4 weeks wait time.

Just don't be afraid to wait but always ask for updates. Not daily , but weekly is good. Ask on Thursdays, this will put agent on notice handling the short sale to call the bank as well. Thursday and Friday, not waiting until monday to call the bank..

Again good luck! Tell the Real Estate Lady I said Hi!
You are doing very good Jenmary by asking here on Trulia.
Lots of good advise from everyone!

Search foreclosures and short sale here: http://www.BuyNJShortSales.com
Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes
Jenmary, Home Buyer, Howell, NJ
Sat Mar 3, 2012
Thank you everyone for your help. I meant know disrespect by saying "the real estate lady" as I am assuming by Larry's email that I said that wrong. I am new to this process. I guess I should say a lady that works in a real estate office or realtor. I guess I emailed or phoned her at one point and then she kept helping me, so I emailed her instead of the listing agent. She just told me the bank already accepted the offer, so I assume closing will go well and there is no need to offer a back up bid. I know nothing about this, but I assume even though the seller pays her commission, that she will still get a commission when I find a house if she showed it to me even if she isn't the listing agent and it would not be nice after she's been helping me to ask someone else.
0 votes
Bruce Kunz, Agent, Brick, NJ
Sat Mar 3, 2012
Hi Jenmary,
Who is the "real estate Lady? The listing agent is Robert so are you saying you've contacted someone else already?
Anyway, to answer your questions as they are:
Yes, you should be able to make an offer.
No, you most likely cannot find out the current offer until it closes, if it does.
No, you most likely cannot make a direct offer to the lender - and 'skipping the real estate lady' (or Robert) will likely not happen. If it does, it likely won't help you in $$ saved (it might even cost you).
You might be able find out how many banks are involved & how much is owed, but if you don't already know you'll need help to even hope to.
All that said, I'm here to help if you want to play nicely in te sandbox. Otherwise, good luck to you.
Bruce
Web Reference:  http://bit.ly/BruceKInfo
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Sat Mar 3, 2012
Jenmary,

I must disagree with Larry in that an "accepted offer" does not necessarily mean it has been accepted by the bank. Ask the agent if the offer has been accepted by the seller or the seller AND the bank. Depending upon the ratio owed to the offer, there could be additional negotiations initiated by the bank once they review the "seller accepted contract" a process than can take anywhere from 1 months to 3 months depending on the bank.

Can I offer a back up bid? . . . . I prefer to discuss this rather than place it on a worldwide portal. Banks typically work with one offer at a time; but there is a strategy involved in this

How much was the bid? . . . even in a regular sale, Realtors are not allowed to divulge the sale price until the property is closed since this would give another buyer an undue advantage. So my response is an emphatic NO.

Who is lender/skip the Realtor? . . . I can tell you (1) how much they owe and (2) the name of the lender and give you some insight as to the bank's responsiveness. "Skipping" the Realtor, will not bring you any benefit since the seller is in contract with the Realtor for commissions and commissions will be paid either way and frankly, banks get so many inquiries from potential buyers you will be hard pressed to get a timely response.

Who is the bank/how much is owed? . . . . yes, I can tell you that, just call me and I will provide.

One question. Are you currently represented by a Realtor? If not, you need to be represented by a Realtor other than the listing agent that will fight for you. I have worked with and closed multiple short sales and would be happy to give you a no obligation consultation with the hope that you will ultimately engage me to represent and fight for you. Working with the listing agent, especially in a short sale is not always to your advantage. Let me know where you are at – 732.606.2931.

I look forward to the opportunity to serve you.

Sincerely,
Francesca Patrizio, Broker Sales Associate, ePro, SRES
Francesca@PatrizioRE.com
732.606.2931 (Direct/Cell – 24/7)
Web Reference:  http://www.PatrizioRE.com
0 votes
Larry Sarlo, Agent, North Wildwood, NJ
Fri Mar 2, 2012
Accepted offer means it is accepted by the bank already

Back up offer is only if the current offer falls thru.

You wont be able to find out the offer unless someone tells you and that is not allowed. You will find out about the selling price when settled.

Lender can be looked up anywhere... You cannot make a direct offer to the lender. The lender does not own the property. The seller owns it and it is up to the seller what happens next. It would not be in the sellers best interest to accept any other offers now...

"The Real Estate Lady" is in control of the sale at this time.

Tax records will tell you how many liens are on the property. Go to Lis Pendens in your county and look up the record... I also have those records online.

Or ask "The Real Estate Lady"... by the way is that some sort of trademark or registered name?... anyway she may tell you how many banks are involved. But she will not do much else for you. "The Real Estate Lady" has an obligation to "The Real Estate Seller" not you the "Real Estate Buyer, inc" sorry couldn't resist..

All fun aside your best bet would be to look to another property. It is highly unlikely you will see this deal fall thru. Get yourself a buyer agent to ask her questions. Someone skilled and very experienced in short sales. They will be able to get you the info you are curious about. But unless you want to wait as a back up offer... it is a waste of your time. But if you don;t mind put your best offer in and see what happens. You will wait though and may never know the result until it closes.

As soon as bank gives written approval and the buyer provides a mortgage commitment , the deal is done...

Good Luck
Search foreclosures and short sale here: http://www.BuyNJShortSales.com

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net http://www.larrysarlo.com
Web Reference:  http://www.larrysarlo.com
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