Short sale question

Asked by Jenny, Arizona Tue Jan 27, 2009

I am trying to buy a short sale. We were the first offer in on the house thinking we were good, then find out the realtor would be submitting the first three offers. We are now the highest bidders, but we are FHA and are asking up to 6% of closing costs. Even after the up to 6% we beat the other two conventional loan offers by more than $3000 (Kind of an accidnent that we found out the previous highest offer). We've heard the other two bidders aren't so serious and we are. I know FHA can be strict, but the house seems to be in very good condition. What are our chances of getting our offer accepted with the bank over the other two conventional loan bidders?

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Coni Otto, Agent, Burtonsville, MD
Tue Jan 27, 2009
Hello Jenny,

Banks are so unpredictible on what offers they will take and which ones they won't... If the conventional offers are putting down more money then it's likely they will go with better financing. I just sold a bank owned home and my buyers were putting down 20% with conventional financing. We found out there were other offers at the same price but we had the best financing so the bank went with my buyers.

With FHA loans there are so many rules, the house has to pass the FHA home inspections and the bank is interested in selling the home "as is" So even if they pick your offer, what happens if the house doesn't pass the inspection? The only way your loan will be approved is if the items on the inspection get resolved. The bank may do it, they may not..

Good luck and hope you get the house....
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Dallas Texas, Agent, Dallas, TN
Tue Jan 27, 2009
Unknown regarding what bank will or wont accept, at times they take a lower offer. Depends on how the sales contract appear as comparing "apples to apples" on all proposals intent purchase the property. Good luck. When a bank is involved with foreclosures, pre foreclosures or short sales there can be drama not caused by listing / buyers agent.
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