short sale question

Asked by dealkk, Houston, TX Tue Jun 26, 2012

i am interest in a home that list 90K. The listing agent told me there was already a cash offer 90K. Is there a reason listing agent would lie on this? or this should be pretty accurate.

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dealkk, Home Buyer, Houston, TX
Tue Jun 26, 2012
thanks everyone for answer my question. I appriceate it.
1 vote
Marcus Neces…, Agent, Bentonville, AR
Fri Aug 3, 2012
Am I the only one that thinks that the agent should not be telling prospective buyers the amount and details of offers on the table? This is a red flag for me but I doubt he's not telling the truth...
0 votes
Don Groff, Agent, Austin, TX
Tue Jun 26, 2012
Typically the lender will work with one potential buyer at a time. Right now I have short sale listings with Bank of America, Wells Fargo, Chase and Citi Mortgage. All banks really want as much as they can get for any listing... just like you would. While cash is advisable most banks will take the extra cash and go with the highest offer.

With my listings the bank will typically negotiate with one buyer at a time. Once negotiations stop I go with the next offer. Eventually the bank will tell me what they will accept but that depends on the financing involved and the investor. Sometimes you get this right away and sometimes they want me to list the price accordingly to my market analysis.

I am not sure what the agent was trying to convey to you. If there is an offer it is being reviewed by the bank and it's investors currently so there is not much else you can do unless this deal does not move forward.

Make sure you are working with a good experienced agent as short sales can be tricky. You should be having this conversation with your agent as the listing agent represents one person... in seller.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157 |
0 votes
Mark McNitt, Agent, Houston, TX
Tue Jun 26, 2012

No reason to lie. Likely the short sale price is below market and having a quick, full or slighly above full price offer in hand shortly after it was listed is common.

Foreclosure and short sales are not the place to come in with a low-ball offer unless it has been sitting a long time. You have to know your market conditions and the history of the home while it has been on the market. Just another reason to have a Realtor helping you through the process as they have this information at hand.

Get pre-qualified and be ready for a long wait. If the seller and their lender have not worked out a "deal" for the short sale, it could be months before you get a response on your offer. Too many details to list here, but if they have not worked out a deal with their lender, I would tell my clients to make an offer...but keep looking!

Mark McNitt
m 832-567-4357
Bernstein Realty
0 votes
Jessica deV…, Agent, Houston, TX
Tue Jun 26, 2012
Sometimes investors watch and wait for months for a short sale to come to market. When it finally does they eagerly submit their offer. Cash offers are the best for short sales. Sometimes, short sale properties may not be in the condition to be approved by lenders, but cash offers don't require a lender's approval. If you don't have cash and the property will not pass an inspection or appraisal - the agent may not be interested in your offer.
0 votes
Stephen Krue…, Agent, Katy, TX
Tue Jun 26, 2012
I have been successfull helping buyers acquire short sales, and many times we offer over asking price to make sure we get the property. If the price is low, there is a potential for multiple offers, so most of my investors offer a bit more, so they have a better chance of closing on that property.
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Tue Jun 26, 2012
No reason for the listing agent to lie about that. If they didn't already have a strong offer they would welcome one.
0 votes
dealkk, Home Buyer, Houston, TX
Tue Jun 26, 2012
Sorry, I mean cash offer 95K.
0 votes
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