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Asked by Hlep, Los Angeles, CA Wed Apr 3, 2013

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Answers

14
Zack King, Agent, Calabasas, CA
Mon Apr 8, 2013
Yes, short sales often fall through so it can and has happend
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Thu Apr 4, 2013
Yes! I have had buyers in back up position on short sales who ended up getting the property when the first buyer walked.
0 votes
Sharon Paxson, Agent, Del Mar, CA
Thu Apr 4, 2013
Yes I have represented buyers who were in back up position, and kept communication with listing agent and if the first position buyer falls out, then there is an opportunity to move up positions.
0 votes
Richard "RJ"…, Agent, Beverly Hills, CA
Wed Apr 3, 2013
Yes. I sell many short sales. From the beginning of 2012 to present, I have averaged a closing per week. In nearly half of all my short sales, the original offer did not stick through to the end and either the back up or a new offer once we came back on market ended up closing the deal. If it is a home you want and you have the opportunity to be in a back up position, take it while you continue your home search. Good luck.
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills South
166 N. Canon Dr, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-278-4934 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes
Ron Escobar -…, Agent, Beverly Hills, CA
Wed Apr 3, 2013
You just have to make sure you stay on top of it... offers fall out of escrow all the time... so if you are in backup (and you are paying attention to it) you may be able to get in first place.

Is a very tough environment for buyers now... you need a great agent working for you... even then is not easy...

Hang in there and best of luck! (keep your pre-approval with your lender up to date -so you are ready at a moment's notice!)

Ron
0 votes
Randall Ortiz, Agent, Sacramento, CA
Wed Apr 3, 2013
Yes, I have definitely seen that happen. Short sales can take a long time, and often times the offer that was first in line decides to back out for many different reasons.
0 votes
Al Goldberg, Agent, Beverly Hills, CA
Wed Apr 3, 2013
Hi,
Yes I have done it.

Would you be interested in buying a distressed property or are you looking for a regular short sale.

I might be able to help.

Al Goldberg Broker
ALYOURBROKER@yahoo.com
800-765-3609
0 votes
Forrest O'Co…, Agent, Beverly HIlls, CA
Wed Apr 3, 2013
Absolutely! There are many reasons why the first buyer may back out.

Very often, these buyers find another property while waiting for a response from the lender. Other times, buyers may not accept the price and terms offered by the lender.

Whatever the reason, backup position in a short sale is not a bad place to be. Owners and their agents are usually racing the clock with a short sale. Most would welcome backup offers that would eliminate the time wasted putting the home back on the market.
0 votes
Cindy Davis, Agent, San Diego, CA
Wed Apr 3, 2013
Yes. I've had it happen - it's quite common actually. The bank usually comes back wanting a higher price which causes many of the first bidders to drop out.
0 votes
carlos parra…, Other Pro, Monrovia, CA
Wed Apr 3, 2013
Yes, it happens. Many times the 1st offer backs out because they have already found something else by the time there is a response from the Bank
0 votes
Lance King, Agent, San Francisco, CA
Wed Apr 3, 2013
It does happen more than you would think. As pointed out below, one of the primary reasons is buyers get sick of waiting and go on to something else.
0 votes
Caroline Har…, Agent, Northridge, CA
Wed Apr 3, 2013
Yes, this actually happens a lot more than listing agents would like it to. Short sales are where backup offers strive! This long wait for a house, this up and down roller coaster of prices and terms that are worked out sometimes lead to a dead end with Buyer #1. Back up offers are common in short sales. Real Life Experience....


--
__________________________
Sincerely,
Caroline Harabedian
Realtor
RE-Search Concept
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
http://www.HomesByCaroline.net
caroline.wcli@gmail.com
0 votes
Laura Coffey, Agent, Santa Clarita, CA
Wed Apr 3, 2013
All the time. Often the first buyer gets tired of waiting and buys something else. It never hurts to put in a back up offer on a short sale. Especially if you are first in line.
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Staci Siegel, Agent, Santa Monica, CA
Wed Apr 3, 2013
Hi Hiep,

Yes it is very common for a back up to go through and purchase a home in a short sale. In fact it is more common for that to happen in a short sale than in a regular sale. The reason for this is because short sales usually take a long time and can be frustrating for buyers. Buyers eventually lose patience or just find another property and end up canceling their offer on the short sale. When that happens, the buyer who is in the backup position moves into first position and is able to purchase the property when and if the short sale is approved.

Good luck!

Kindest regards,
Staci
0 votes
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