We have recently put an offer on a short sale and had it accepted by the sellers and are awaiting the banks

Asked by Home Buyer, California Sun Jun 15, 2008

response. My question is that the sellers will not be accepting any other offers unless ours does not go through.....With so many short sales submiting multiple offers today are there any benefits to putting all your eggs in one basket (so to speak)?

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Home Buyer, Home Buyer, California
Sun Jun 15, 2008
The listing agent told us the bank is eager to go into contract by the end of this month so they are optimistic about the bank response, they are expecting a response to be within a week or two which I find exceptionally fast considering all that I hear about short sales... they also turned down 2 other higher offers on the house and wont be accepting further offers until we hear about the status of our offer. While that it works out for us I wonder why they wouldn't just submit any and all offers.
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Michael Corl…, Agent, Brooklyn, NY
Sun Jun 15, 2008
Let me be honest about the probability of your offer being approved by the lender - it will depend on the experience level of the agent or party who prepared the short sale package for lender consideration.

This is a point that can't be overlooked. The last time the real estate industry as a whole had to contend with massive loss mitigation was back in the 1980's during the Savings and Loans crisis.

It would be a good idea to have a meeting with your agent to go over the package in detail, review current market conditions where you are purchasing (how many resale property listings are still on the market, how many properties have sold and how many properties are in foreclosure - over the last 6 months).

By doing so, you will at least be able to determine the probability of the short sale gaining lender approval.
Web Reference:  http://www.CorleyRE.com
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