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Home Buying in Newcastle : Real Estate Advice

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Activity 3
Sun May 8, 2011
Kelly Bright answered:
IIn The Placer County area once a Short Sale offer is accepted the next status change is short Sale Contingent. Once the Seller's lender gives their approval to accept less than what the Seller owes on the loan and that is an agreeable price to you... THEN it will be changed to a Pending status. In California, the Seller is allowed to continue to field offers for the home until they have the approval letter back from their seller, because very rarely does the first buyer hang in there long enough to complete the sale. And no one knows what the seller’s lender is going to set the value of the house at until after the first offer opens dialog with the Seller’s lender. So the first listing price typically too low and the first buyer will be shocked to find that their full price offer is not enough to satisfy the short sale demands. Make sure that your offer price is realistic going in. The Agent you’re working with should have lots of experience in evaluating market values. Furthermore, the listing agent has a duty to the seller to field the best offer he can on the property, so if a higher offer comes in buyer #1 will have the first right of refusal to increase their offer and stay in contract or cancel and get their deposit back.

I personally have sold over 150 properties in the past 3 years..... Short Sales and Bank Owned. I know the Placer County area VERY well and can quickly determine property values. If you’re shopping in my area I would be happy to offer my expertise.

Kelly Bright
Bright Real Estate Team
Keller Williams Realty
916-532-2263
530-328-1908
"Do the Bright Thing in Today’s Market!"
... more
0 votes 3 answers Share Flag
Sat May 7, 2011
Kelly Bright answered:
Were their multiple offers? Or was you the accepted offer and you are wanting to know why back up offers are being requested when you made a full listing price offer?
In The Placer county area once a short sale offer is accepted the next status change is short Sale contingent. Once the Seller's lender gives their approval to accept less than what the Seller owes on the loan and that is an agreeable price to you... THEN it will be changed to a Pending status. In California, the Seller is allowed to continue to feild offers for the home until they have the approval letter back from their seller, because very rarly does the first buyer hang in there long enough to complete the sale. And no one knows what the sellers lender is going to set the value of the house at until after the first offer opens dialog with the sellers lender. So the first listing price typically too low and the first buyer will be shocked to find that their full price offer is not enough to satisfy the short sale demands. Make sure that your offer price is realistic going in. The Agent your working with show have lots of experience in evaluating market values. Furthermore, the listing agent has a duty to the seller to field the best offer he can on the property, so if a higher offer comes in buyer #1 will have the first right of refusal to increase their offer and stay in contract or cancel and get their deposit back.

I personally have sold over 150 properties in the past 3 years..... short sales and Bank Owned. I know the Placer County area VERY well and can quickly determine property values. If your shoping in my area I would be happy to offer my expertise.

Kelly Bright
Bright Real Estate Team
Keller Williams Realty
916-532-2263
530-328-1908
"Do the Bright Thing inToday's Market!"
... more
0 votes 2 answers Share Flag
Tue Mar 17, 2009
Teri Andrews-Murch answered:
Barb,
Hopefully you are now the proud owner of a home, but just to clarify in the Placer County MLS (Metrolist) the rules for short sales require when an offer has been sent to the Lender for approval the status be listed as "Active Short Contingent" once Lender approval of the short sale offer is completed, the listing is supposed to be changed to "Pending" and when closed "Sold" (the best one!). ... more
0 votes 8 answers Share Flag
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