what happen s if a short sale offer is refused?

Asked by Cutepinky113, Orlando, FL Thu May 26, 2011

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19
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Fri May 27, 2011
Nothing happens. You just move on to the next property on your wish list.
2 votes
Kawain Payne, Agent, Seal Beach, CA
Sun Apr 14, 2013
Refused means refused.

You have no deal, and must continue shopping for a home.

Kawain Payne, Realtor
Prudential California Realty
0 votes
Justin Ruzic…, Agent, Greenville, SC
Wed Jun 29, 2011
Who refused it the lender or the seller?

If your offer is refused then that means you are not the lucky "potential" buyer in the end.

here is a good read for buyers,
http://blog.house-guy.com/2011/03/buyers-must-readjust-kiddi…

Here is a good read for Short Sales
http://blog.house-guy.com/2011/05/follow-up-on-2009-real-est…
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Mon Jun 20, 2011
Sometimes the bank will come back and give a counter offer saying what they actually want for the property. I have had this happen to a couple of buyers. One refused to go higher and the short sale was relisted at the bank approved price. Another owner decided to pay what the bank was asking because they wanted the home bad enough and it still appraised high enough for what they were paying. I have also had the short sale offer refused and the home went into foreclosure. Lots of things can happen.
0 votes
Ruby Neichter, Agent, Louisville, KY
Sun Jun 19, 2011
Not all offers are accepted. When you make an offer on a short sale just make the best offer that you feel comfortable with. If you do not get it you know you offered the best you were willing to pay. Move on to the next property.
0 votes
Shirley Dugg…, Agent, Jacksonville, FL
Sat Jun 18, 2011
If your agent did their job correctly, they based their advice of a price to offer on a market analysis, tax records, current market condition and condition of the home your are interested in. Based on this information your offer should have been within the 10% range of the market analysis, so if the bank/lender rejected your offer, that offer is officially closed/dead. However, you can submit a new offer with better terms and/or more money, but be realisticabout offering more. There are a lot of good home on the market at affordable prices, don't be house poor. Remember, don't be afraid to keep looking. There is a home for every person, you just have to be patient, persistent and educate yourself as to the home buying process.
0 votes
Linda S. Cef…, Agent, Franklin, WI
Fri Jun 17, 2011
Many buyers are of the mindset that they can low ball on their offer because it is listed as a short sale. Buyers need to understand that it is already most likely priced the way it is BECAUSE it is a short sale. You need to ask your agent to do a market analysis and try to stay within 80% of that price range.

If you already made an offer, was it rejected or countered and was it by the seller or the bank?

A bit more information would be helpful in assisting you.
Web Reference:  http://www.lindacefalu.com
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Jun 17, 2011
Recommend to continue search for other properties NOT all offers are accepted

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Gerard Carney, Agent, Spring Hill, FL
Fri Jun 17, 2011
Hopefully the Buyer's Realtor will encourage them to make a slightly higher offer in hopes that that price will be acceptable!
0 votes
Anabella Ter…, Agent, Lake Mary, FL
Sun Jun 12, 2011
Hello Cutepinky,
Did the bank counter?? You need to know if you have a judgement date on the property. Please don't hesitate to contact me, I will help you to find that out. You can call, text or shoot me an
email. About your questions regarding
FHA. USDA and downpayment
assistance... I will be more than happy to help you in that as well.
0 votes
Cutepinky113, Home Buyer, Orlando, FL
Sun Jun 12, 2011
i am the seller the bank refused the offer will it go into floreclosure how long would it be before foreclosure its been up fpr sale at least 4 months, i am still in the house with my sons waiting to be thrown out i guess just wandered how much time i got before my divorce
0 votes
Kelvi Cunnin…, Agent, Manhattan, KS
Fri May 27, 2011
Nothing happens and the property should most likely remain active just as it was before your offer. If you would like to revise your offer and start over, you are able to do so. As other answers have mentioned, you will want to look at comparable sales and submit a more reasonable offer if you find that your first one was not quite in line with something that the bank would consider accepting after taking a closer look at what the home should be worth. Typically when you get even close to the range and if you are a pre-qualified buyer, then you will get a counter offer from the bank or owner to work with and negotiate toward an accepted offer. Since you did not get a response in the form of a counter-offer, that is a sign that you might be too far off the mark. Good luck!
0 votes
Debra B Albe…, Agent, Port St Lucie, FL
Fri May 27, 2011
Well, that is an EZ one~

Foreclosure...or Bankruptcy... or Both.

Debbie Albert, PA
Keller Williams of the Treasure Coast
0 votes
Ken Anderson, Agent, Orlando, FL
Fri May 27, 2011
Who are you saying refuses the offer. The owner has no incentive to refuse, unless the offer is so low the bank won't accept it. Many are of a mindset to try to make a great deal even better and end up with nothing as a result. If the price the home is offered at is reasonable or if its the lowest of any then certainly don't go lower.

If you are asking about the bank rejecting, they will normally counter with what they find acceptable which isn't always reasonable. I'm working on one now that we are puching to get the bank $40,000 lower than their counter and it appears we will succeed.

Short sales can be great opportunities , for those with the time and patience to wait out the deal. they can take from 2 months to a year depending on the agent and bank working the deal.

If you need help with your short sales feel free to contact me.

I am Short sale certified

All the best,
Ken Anderson
ApexOne Realty, Inc.
Cell: 321-246-3190
E-mail: ken@ken4u.com
<http://www.apexonerealty.com>
0 votes
Carol Bauza, Agent, Orlando, FL
Fri May 27, 2011
Hi Cutepinky113,
Glad to see you back and asking questions!
Was it refused from the seller or the bank?
In either case, was it a counter?
I would have your agent to find out why....and if it's a question of a counter, then counter or move on to the next property that is on your list!

Carol Bauza
Keller WIlliams Advantage Realty
carol@carolshome.com
0 votes
Richard Tres…, Agent, Orlando, FL
Fri May 27, 2011
Hi Cutepinky,

If you are already working with an agent, it is best to ask them for comps on the property that you are interested in before you take the time to submit the offer. If your price is far below other recent similar sales, then it is likely that the seller's lender will see it the same way. Save time and energy...focus on making offers that are reasonable as compared to other recent sales after adjusting for easily defined differences -- size, age, condition, etc. The bank's have some flexibility when negotiating a short sale but they will want to see something that suggests that your offer is fair given all available information.

If you are not already working with an agent, it would be good to work with one who has the patience for shortsales and the ability to provide you with solid advice regarding valuations. Short sales are a process, not an event....like many traditional sales so be prepared for some extra effort on everyone's part.

(TCAT Realty has been providing short sale services to both buyers and sellers for the past 4 years.)

Rick Tressler
Broker
TCAT Realty
407-421-3002
Web Reference:  http://www.tcatrealty.com
0 votes
Anabella Ter…, Agent, Lake Mary, FL
Thu May 26, 2011
Hello Cutepinky

You are back :), well if the offer is reject it by the seller, you should higher your offer. If is the bank who reject your offer then they probably will
counteroffer, so you still have the
chance to negotiate. If you and the
lender not agree on a price .... The
property will go back to the market,
# 1. The property will go Pending only
if Seller accept the offer. If Seller don't
accept the offer it will remain Active.
# 2. Will go active if all parties did not
agree in all the terms and conditions.

Please feel free to contact me
(407) 797-5139 or email me AnabellaTercero@att.net
Z House Realty Group
Hablo Español
0 votes
Shanna Rogers, Agent, Murrieta, CA
Thu May 26, 2011
Hi Cutepinky113,

Was the offer refused by the seller or the seller's lender? If it was flat out refused without even a counteroffer, the house will go back Active for sale - if the seller is going to continue pursuing a short sale.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes
Rene Andino, Agent, Orlando, FL
Thu May 26, 2011
Could you elaborate a bit more on this scenario?

If you submitted an offer for a short sale home and the seller or lender did not accept it, then the house is put back on the market.

Are you working with an agent?

Rene
0 votes
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