Home Buying in Lindenhurst>Question Details

Tim16964, Home Buyer in Lindenhurst, NY

I bid 360k on a short sale that was listed for 379k was it enough????

Asked by Tim16964, Lindenhurst, NY Fri Mar 20, 2009

I bid 360K on a short sale on Long Island NY, it has been on the market since 01/07/09 for 399k and the price was dropped to 379k on 02/28/09. On 03/16/09 I low balled them and bid 330k and was told by my agent an hour later that they have aother bid in that is close to the asking point at this time I raised my offer to 360k. My real estate agent then told me that all offers would be presented to the bank for approval and that I would hear back in a week or so. I then went on zillow.com and it said that this property had been sold on 11/27/06 for 360k.

My questions are do I have a reasonable offer on the table?

Was the bank playing car salesman when it stated they had other offers closer to the asking price?

Since the house was purchased for 360k in 2006 shouldnt my price satify the money owed to the bank and then some

Help the community by answering this question:


In addition to what Ralph said, the bank assumes the legal and Real Estate fees that must also be paid on this property too.

The bank doesn't play car salesman. There is some clerk many states away with thousands of files on his desk. When he gets around to opening up the file for this home, he will chose the the highest and best offer and that person will have to be prepared to close within 30 days. All cash might be chosen over a slightly higher offer with a mortgage. Even if a higher offer comes in after the buyer has been chosen, it will be held in abeyance.

Carol Bromm, SRES, CBR
Associate Broker
Prudential Douglas Elliman
631 422-8269
0 votes Thank Flag Link Fri Mar 20, 2009
Keep in mind that these short sales often have multiple offers; sometimes banks make counter offers, other times they accept the highest bid. Unfortunately it is the bank that decides which offer is reasonable and not any of us; the decison to accept/reject is theirs alone. Part two of your question is tough to answer not knowing the specific property and the kind of loan involved; however Ralph is correct in pointing out the scenarios that may have taken place.

0 votes Thank Flag Link Fri Mar 20, 2009
Tim: If they purchased the house for 360K, they may have financed the closing costs also which could have brought the loan up to 380K or thereabouts. They also may have refinanced and taken some additional equity out if the home appraised for higher in 2006. If there are two banks involved and if the homeowner did an 80/20 loan, then more could be owed. Moreover, if the current owner missed more than 3 payments, the acceleration clause may kick in which brings the interest rate way up. With short sales, just sit tight. Usually, there are a lot of buyers putting multiple offers on multiple properties so most of the time if you're the last man standing ..., Good luck. If I can help you, please contact me.

Ralph Windschuh
Century 21 Princeton Properties
0 votes Thank Flag Link Fri Mar 20, 2009
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