We currently have an offer on a house that is close to becoming a short sale. The owners have not responded. What happens if they don't respond?

Asked by Erykalynn, 33173 Mon Mar 7, 2011

What happens to our offer if they don't repond? We have offered $15,000 less than what they are asking. We do know that they owe the amount that they are asking for the home. The bank has responded that they will take our offer, but the owners have not responded back. So what can we do to make this home ours?

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5
Michael Emery, , Minneapolis, MN
Mon Mar 7, 2011
If the bank is telling you that they will take your offer, then you DO have a short sale situation as you don't require permission from the bank in a traditional transaction.

What might be occurring behind the scenes is the homeowner is negotiating with their lender so they won't have to repay the difference between the sale price and their loan back to the bank. Obviously if they can't reach accord with the bank, they are unlikely to agree to the sale.

If they don't respond, your agent could tell their agent the offer is canceled - which would end the transaction with no damage to you. But hopefully it won't get that far.
1 vote
PIERRE BOESCH, , 33177
Tue Mar 8, 2011
First thing is I hope you are working with a license Realtor. And if you are already negotiating the bank you should have an Executed contract if you do there is a responsibility from the seller to make good on this contract. Please feel free to email me to let me know if:
1) Did seller left town? is this house abandon?
2)do you have an executed contract,if yes is it current or expired?
3)Do have a Realtor or did the seller had one representing both of you
4) When you say the bank is willing to take your offer does, You have done the
short-sale negotiation or who did this negotiation.
Bottom line if there is no executed contract there is nothing you can do but to keep trying
to search for the seller if you really want this property.
Realestate@hopeinvestments.org
Check current live inventory in my website
Web Reference:  http://www.HIIREALTY.org
0 votes
John Juarez, Agent, Fremont, CA
Mon Mar 7, 2011
It unclear from your question whether you have an outstanding offer on the house to which the sellers have not responded of if you have a contact which has been approved by the lender and the sellers are now unresponsive. If no signed offer, you have nothing. Neither you nor the bank can force the owner to accept your offer. The only power that the bank has is to foreclose. If that is the situation, how can you have an approval from the bank on a contract that does not exist?

If you have a signed purchase agreement that has been approved by the bank and the owners are being uncooperative, that is a different story.

Why would that be? Has your agent talked to their agent. (I sure hope you have your own agent. In fact your agent should be giving you this information.) If the sellers drag their feet too long. your approval will expire. You need to find out what is happening.

Good luck.
0 votes
Bob Bailey, , Miami, FL
Mon Mar 7, 2011
Hello Erykalynn,
I hope you have a Florida Licensed Realtor working for you? The current owners should have already signed the contract before it was submitted to the mortgage/bank for approval of the sale. A second signing is not required, after the bank approval. What should happen now is the contract should go to a title company for prepration of the required closing documents. Then at that time you will need the sellers/owners to sign the closing documents and you own the property. How do you know the bank has accepted your offer, the bank will not deal with you or your Realtor unless you/Realtor have been designated to speak for the sellers and do so in writing to the sellers bank. Unless I am not understanding your question?

Regards,

Bob Bailey
Florida Licensed Realtor
realestate.bailey@gmail.com
0 votes
Ileana Del C…, , Miami, FL
Mon Mar 7, 2011
Most sellers are looking for money to move out their home. The first one that offers them money to move
out will be a motivator. Bank's cannot obligate a seller to sign a contract, only the seller can sell to whomever
they wish. Bank's can only foreclosure.

Try to buy another home, it looks that you must move on...
0 votes
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