West Orange NJ short sale listing that expired _ HOW CAN WE PURCHASE THIS HOME??

Asked by Njbuyer, New Jersey Tue Oct 5, 2010

We found a beautiful home in west orange NJ. A few days after submitting an offer we found out that the listing expried our 'broker' advise us against pursuing it BUT we love the house. How can we still pursue this purchase we know the bank that has the short sales but not the specific person that is handling it. shold we just walk away??? HELP!!!!

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7
Debra (Debbi…, Agent, Livingston, NJ
Wed Dec 1, 2010
So Njbuyer - you asked this question almost 2 months ago - what was the outcome?
Did you pursue it or walk away?
0 votes
Sean M Farley, Agent, Ramsey, NJ
Wed Dec 1, 2010
Hello Homebuyer- Have you ever heard the phrase "The Squeaky Wheel Gets the Grease?" I take that a step further "Persistence Pays off." Gina has it right on! But a few questions will be worth the investment you would like to make. Why was the listing not extended when your offer was submitted? Were there any negotiations between you, the buyer, and the seller? Has the owners Hardship situation changed? Why did your agent feel you should move on? Were their issues (beyond the challenges of a short sale) that you agent felt went against your best interests? If your agent is reluctant to do additional discovery for you, push a little more. If they are not able to justify why you shouldn't pursue your contract already submitted, then approach their Broker Manager for assistance. As agents we have an obligation to our clients needs. It is perplexing as to why your agent doesn't want you to continue the process. On a closing I just did in Ramsey, my client toured a condo that was withdrawn and a week later stated she would like to make an offer. I approached the listing agent for the property and we closed on the condo for her last month. So don't give up. Persistence DOES Pay Off.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Fri Oct 8, 2010
Truthfully? Yes, I think you should walk away, and put your energy into finding a home that is for sale by motivated sellers, without all the conditions related to a short sale.

The home you are referring to is no longer on the market - the time period for finding a buyer may be up, and the foreclosure may be proceeding. You can always ask your agent to contact the listing agent just to see what the latest information is - perhaps that will make you feel better.

W. Orange currently has an overabundance of homes/inventory actively on the market - a 10 month supply exists for single family homes - a 24 month supply exists for condos - I am sure there is another home for you out there.

Best wishes.............
0 votes
Gina Chirico, Agent, Fairfield, NJ
Fri Oct 8, 2010
Hey Njbuyer,

Did the sellers respond to your offer? Just because it expired, doesn't mean that you can't still proceed to buy it, if they want to sell it and an agreement is reached. (Of course, subject to bank approval). I wrote an offer on a townhouse, the listing expired, we negotiated terms, price, etc. and we are closing next week. The listing broker put the house back on the market in the mls and marked it as under contract. Your broker or agent should contact the listing agent to see what's going on, if they still want to sell, etc. If your agent won't do it, find someone who will or contact the listing agent yourself. In a perfect world, lets say you buy the house not using your agent who wrote the offer, they will most likely go after their commission anyway for being the procuring party but if they refuse to help you purchase it as this point. I would seek another agent -- not just for this house but for any house.

Gina Chirico, Sales Associate
Lattimer Realty
973-715-1158 cell
973-575-6353 ext 17 office
Gina@GinaChiricoRealEstate.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Oct 5, 2010
Did the sellers' hear your offer, and if so, what was their decision/reply--are they working on a loan modification, did they simply decide not to sell at this time, etc.; consider having another discussion with your agent and then go from there. Due to privacy laws, even if you did contact the lender, nothing could be done--keep in mind that in short sales, the owner retains control, until the property becomes bank owned.
0 votes
Hugo W Meza, Agent, Clifton, NJ
Tue Oct 5, 2010
If you like that house that much....
One, why dont you or your agent talk to the agent who was handling the property thus you'll know the status of it.
Two, If you get no help from the previous agent, You could even knock on the door. Yes, they might be upset and bla bla, and never know if they might even appreciate it...
If they accept your offer, let me know if they want me to negotiate it for them with their bank! :) :) Life is about negotiating...I could give some more tips to negotiate with the owner and if you give the address I might be able to find out more about it too
0 votes
Maria FORSBE…, Agent, FORT LEE, NJ
Tue Oct 5, 2010
It may not be a good idea to pursue the purchase the sellers maybe working on a loan modification, bancruptcy or want to live in the house until it becomes a forclosure, they may have no other place and they still are the owners until they are legally removed. If the homes becomes a forclosure and the when the bank is ready to sell could take another 2 years. Seller gets no money in a short sale and may not be motivated to sell at this time. You have no right to call the bank without proper authorization to negotiate the loan or the sale that only can be handeled through an agent appointed by the seller. You have to wait to see what happens next in the next few months or maybe in the next year in case you are interested. It may not be a good idea to contact the homeowners directly since thay have a lot to deal with at may not be friendly. They also may want to have all of their debt paid in order to sell and that house may not be worth it. there are many homes on the market and for now that property is not available. Good luck.
Web Reference:  http://www.viprealtorsnj.com
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