Home Buying in 60047>Question Details

Judy K., Other/Just Looking in 60060

We want to bid on a short sale property in Long Grove. Our home will be listed in 10 days. We understand

Asked by Judy K., 60060 Sun May 10, 2009

that the property already has 2 bids just received but not responded to by the bank. Do we still have a chance to make a bid when we sell our home?

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It typically takes the bank months to accept one of the offers - and you can come in at any time with an offer. Unlike most other agents - I actually try to find out where the other offers are at approximately - so that you have some "intelligence" on where to come in for a price. (My background is in corporate competitive intelligence..... so I have major advantages over other agents in that area..)

As someone said earlier - they won't entertain a home sale contingency for a short sale - so you'll want to get your home sold first - before you take a dive into trying to bid on short sale properties. I'd be happy to help you on either short sale or bank owned property bidding. I'm a Certified Negotiation Expert (less than one tenth of 1% of agents in the US have this designation), and an Exclusive Buyer Broker (meaning - that I am always on the buyer's side - and never represent sellers....so very good at what I do... much like a doctor who is a specialist...)

So - buyer's have the best chance of getting a great (safe) purchase price in the current market - when they use my services..
0 votes Thank Flag Link Mon Aug 9, 2010
Once your bid is accepted you have 5 business days to have any inspections or testing done.
Visit my website for all available discounts, services and pricing.

Home inspections are $250 and include a Free 90 Day Warranty and US Flag for your new home.


State Licensed & Insured
0 votes Thank Flag Link Sun Sep 27, 2009
Wondering how it is going on that short sale? Did you get an atty experienced in short sales? Extremely important as the paper work, negotiations, inspections can be long and tedious.
0 votes Thank Flag Link Sat Sep 26, 2009
You can always make a bid on the home. If that haven't accepted a contract it is an active listing, if they do come to an agreement with another party you can always submit a 'back up offer'.

Short sales are definitely trickier than a traditional sale & even more so if there are multiple liens, so the response time can take a while if paperwork has not already been submitted prior to the offer.

I do want to note that a bank will not entertain a home sale contingency for a short sale (not sure if you were planning on making that contingency as you stated that you will be listing your home in 10 days).
0 votes Thank Flag Link Tue Aug 4, 2009
That depends, if none of the contracts have been accepted before you sell your house then you can still bid. Short sales can take anywhere from 2-6 months to be approved.

Kathy Diegel
Coldwell Banker
350 Half Day Rd
Buffalo Grove 60089
0 votes Thank Flag Link Sun May 10, 2009
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