Home Buying in San Jose>Question Details

Goldfish, Home Buyer in 95111

Short Sale any guarantee

Asked by Goldfish, 95111 Sat Dec 3, 2011

The house that I want my agent said my chance is 50%. What can I do to guarantee a bigger possibility? Last question is for a short sale, how do I know if my agent has put in an offer? Any paperwork to fill out?

Help the community by answering this question:


The best guarantee regarding "short sales" is to find one that has a "lender approved" asking price. This type of arrangement should increase you percentages greatly.

When multiple offers are involved, the lender will generally request all parties to submit their "highest and best" offer and make their selection from these.

Hope this is helpful.

1 vote Thank Flag Link Sun Dec 4, 2011
only way to increase your chances is to offer more money or buy in cash. just be patient and see what happens. at the very least, you should get a counter-offer from the bank
0 votes Thank Flag Link Mon Dec 12, 2011

If you haven't put your offer in as of yet or aren't sure that your offer has been submitted. You should be questioning why you are working with someone you feel this way about. It is really important that you trust who you are working with. For one, if they suvmitted your offer, you should have had a reply from the other realtor stating that they are accepting your offer (signature of the seller will be on those documents and then it gets submitted to the banks from there if you are in first place.

There are some great realtors out there including myself that are Short Sale Specialists that you can surely feel comfortable with that we are doing our jobs for you. You have quite a few realtors that have replied to your answers here. What you have to understand is that we can't answer all your questions if we don't have all the information as well. We don't have the property address but with that said, you are working with a realtor at this time. You need to make sure this is the right realtor for you. Not only are you looking at experience but you should be looking at is this someone that you trust and enjoy working with. Personality for you and your family is important. You want to know that you are heard and acknowledged and they are confirming that your offers are submitted and responded to in a timely manner.

I am a Short Sale Speicalist and also REO and HAFA certified as well. I have done plenty of short sales and work well with all my clients. Most of my business is by referral and I have treferences as well. Talk and interview your potential realtors. Make sure that your personalities mesh.

Best regards,
Lillie Missbrenner, Realtor
Better Homes and Garden Previously Prudential California Realty
Cell: 925-628-9100
0 votes Thank Flag Link Tue Dec 6, 2011
Home Buyer:
Are you writing about two different homes? It sounds like one of the homes you have a 50% chance of getting, according to your agent. Without knowing why your agent said this, it's hard to answer the question. There can be a variety of reasons why your offer is not "strong". For example, you are offering a purchase price well below market value; you are expecting the seller to take all the risk and pay all the costs; you do not have a pre-approval letter attached with your offer. These are just examples. Or, it could be that your agent knows something about the property that would prevent it from being appraised or the seller does not really want to sell, at any price.

As for the short sale question...ask your agent for a copy of the package submitted to the listing agent. Or better yet, a copy of the email your agent sent. Why do you think a real estate agent would not submit your offer? Real estate agents are in the business of writing offers with our clients and submitting the offers. Without this process completed, we don't get compensated for our work. If you do not trust your agent, I would suggest you talk with him or her to figure out how you can work more closely and confidently.

Especially in short sales, there is a great need for lots of patience, trust, and more patience!

Good luck with your future home purchase.

Sally Blaze
DRE: 01856137
0 votes Thank Flag Link Mon Dec 5, 2011
There is never any guarantee in a short sale until the seller has approved the final HUD right before escrow closes.
Definitely need to fill out a purchase agreement and have the seller sign off on it. Then get a copy.
Web Reference: http://www.laura4homes.com
0 votes Thank Flag Link Sun Dec 4, 2011

To increase your chances, write an offer, show proof of funds to close, and be open to the idea of placing a portion of the deposit upon seller acceptance.

Pay close attention to the short sale addendum which should accompany any short sale offer - paragraph 6. This paragraph outlines how the seller can accept other offers. If you don't agree with this paragraph work with your agent on an addendum to the paragraph.

Sit down with your agent and discuss the short sale process, and in particular the offer/acceptance process. They are the best ones to help you reach your goal. Short sales are not easy and it is important for buyer to understand the potential pitfalls.

Good luck!
0 votes Thank Flag Link Sun Dec 4, 2011
The best and most accurate advice to you is from my friend Grace, you see if the listing agent does not know the in's and out of a short sale or if your offer is not packaged attractively then you have a lesser chance of closing.
Also to the second part of the question, you should have signed the offer, then ask your realtor if the listing agent sent an ack. that they received it, I always ask for one and most times if the listing agent hasn't already sold the place you'll get one, ask to see it.
At your service,
CDPE- Certified Distressed Property Expert
DRE# 01397256
0 votes Thank Flag Link Sun Dec 4, 2011
Hi Xxxbambixxx,

All offers have to be in writing. If you have not done a written offer and signed it, then you have not submitted an offer. How do you know if your Realtor has submitted an offer? If you've completed the paperwork (offer), ask them. They work for you and hopefully you trust them when they give you the answer. If you don't trust them, you need to hire a different Realtor.

As for increasing the chances of your offer being accepted, have your Realtor do a Comparative Market Analysis on the property using SOLD comps within a 1 mile radius of the property (the closer, the better) that have SOLD in the last 3 months. This will give you current market value and this is what you should base your offer on - not on list price.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Sun Dec 4, 2011
There are no guarantees. In California offers MUST be in writing. When making an offer, take a look at the sales comps and make a reasonable offer. Banks are looking for market value.

Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center

WHEN YOU THINK OF REAL ESTATE...Think DotChance.com! My business thrives from your referrals!
Web Reference: http://www.Dotchance.com
0 votes Thank Flag Link Sat Dec 3, 2011
Hello Bambi and thanks for your post.

To be frank, there is absolutely no guarantee whatsoever that you will close escrow on a short sale. In fact, if you believe the statistics, the chances of closing a short sale successfully run only about 10 percent of the short sales.

However, there are ways to ensure that you have a much better chance than the statistical 10 percent. First, work with a Realtor with short sale experience. Many of us who work in short sales know how to package an offer that banks will like, and we also know which banks will work with the short seller and which will definitely NOT. If your Realtor is an experienced short sale agent, he or she may have a suggestion for you regarding how to "up" your chances of getting the offer approved. Also, the agent should provide you with information regarding what to expect from each of the different short sale banks, including what happens if there are multiple loans on the property.

Most importantly, however, it is the skill of the listing agent--not your agent--that can be really critical in selling any home short. There are many listing agents who have B of A or Wells Fargo connections, and--when a critical time comes--it is these same agents that can get a home sold. The best and most valuable advice that you can get from your agent is the help in determining which homes will most likely close and what problems you might encounter along the way.

Good luck!!

Grace Morioka
Area Pro Realty-Peoples Choice
0 votes Thank Flag Link Sat Dec 3, 2011
Here in MN an offer on a Short Sale is made the same as an offer on an equity sale. As a listing Short Sale agent- I require a few other forms and addendums to be turned in with the purchase agreement along with earnest money, if accepted. Patience is a must on your part as Short Sales are generally not short on time. The closer to market your offer price is- the more likely you are to get the property and the less complicated and demanding your offer is, the better chance you have.
Web Reference: http://topbrainerdagent.com
0 votes Thank Flag Link Sat Dec 3, 2011
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