We could use advice on a short term property please.

Asked by Duane, Maquoketa, IA Thu Mar 12, 2009

The house is listed at 72900 through a realtor and we put an offer of 72900 with2000 cash back for help on closing.We put 1000 earnest money down and our banks pre-approval along with a good sized downpayment. The house is currently taxed on 78000 and we know the current owners owed more than 80000 ?. There was a previous bid that was offered 4 weeks ago(ours is only 1 week now) that was lower than ours. Would this possibly speed things up ? The realtor said we should know within 30 days but the previous bidders havent heard a thing yet. How long is a bid good for? And how long do we wait? Thank you for any feedback or comments!!!!! In our local newspaper, it publishes all forclosures and this property hasnt gone quite that far yet(but any day i am told). If the property goes to foreclosure, does our bid become junk and we can offer on the foreclosure?

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Raylene Lewis’ answer
Raylene Lewis, Agent, College Station, TX
Thu Mar 12, 2009
The previous bid would not speed things up. It sounds to me like you are trying to negotiate the sale PRE-FORCLOSURE as a SHORT SALE. If that is the case, you should hear acceptance by the Sellers in two or three days at most and acceptance from the bank in 2 weeks at most. If the property is beyond the short Sale and is in Forclosure, then you really have a waiting game on your hands. The people who accept these offers are a type of comittee that have many properties on their desk and don't really care how long they take getting to your offer. THis can be a big problem. If the home has not forclosed yet, but no short sales were agreed to, it could take any where from 4 to 12+ months to have the home ready to put back on the market with clear title to sell. If that happens you would have to simply offer again on the home when it came back on forclosure or went to auction. I would make sure your Realtor has lots of previous experience with Short Sales and Forclosures. These are tricky deals that you really have to stay on top of and agressively push through. Good Luck to You and Happy home Buying!
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