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Withdraw Short Sale All Locations : Nationwide Real Estate Advice

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Showing results for Withdraw short sale [Clear search]
Sun Jul 1, 2012
Jen Pfeffer answered:
Did you sign a Form to withdraw your offer? Did your original offer expire? Where is the agent who represented you? If you cancelled your contract, you should have gotten copies of your withdrawal form as well as your earnest money check back. A verbal cancellation may not hold up. Chances are your original contract may have expired by the time the bank accepted your offer anyway. You need to talk to the agent who represented you, and if this is the agent you're having trouble with then you need to go to their broker in charge. Good luck! ... more
0 votes 3 answers Share Flag
Sun Sep 23, 2012
Cindy Vedder answered:
It is a little scary. But you have all the same options as a regular sales as far as performing your due dilligence. You get to do your professional home inspection. You get to have a professional appraisal. You get to walk if you don't like what you find and/or further negotiate. Have a professional realtor walk you through the process and you'll be glad you did. Best of luck and congratulations - it's an awesome time to buy!!

Cindy Vedder
Prudential Ca. Realty
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0 votes 10 answers Share Flag
Thu Jul 19, 2012
Terri Vellios answered:
That is a good question to pose to your agent. You will need to read and understand the HOA documents. If the complex goes into litigation it could create a financing problem for conventional loans as well.

All the best to you.
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0 votes 4 answers Share Flag
Thu May 31, 2012
Alan May answered:
it's okay with me... but you'll really have to check with your listing agent, and see if he and his agency will allow you out of the listing.

if circumstances have changed, it's likely they'll allow it. ... more
0 votes 5 answers Share Flag
Fri May 24, 2013
James Williams III, PA answered:
Hi Amber,

Off the market generally means the property is no longer for sale.
0 votes 7 answers Share Flag
Tue May 22, 2012
Lee Turner answered:
Buyer does not necessarily have to pay a fee above and beyond standard closing costs. There are a couple of real estate firms that, for reasons I do not agree with, take listings, then turn them over to another firm that only handles their short sales. They charge a fee so that they can pay someone to do their job for them.
I think, personally, that this is laziness. If they can't handle the work, they should not take it on. The Buyer should not have to pay any additional fees.
Now, this is only a very few listings and, my suggestion would be that when you write up the agreement, ask that the fee be paid by the lender/bank. they may say no, but if the offer is reasonable, they may also accept.
If you have a particular listing in mind, I can research it for you.
If the listing is in Fleetwood, I'm familiar with that listing. I also had interested parties and the third party never returned my calls or emails....
not exactly doing their job.
I would ask your realtor to make a very big deal about this as I did. hopefully this realtor will realize that their practice is not welcome.
Lee Turner
Keller Williams Realty Elite
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0 votes 4 answers Share Flag
Fri May 11, 2012
Sally Grenier answered:
What does your agent say?? What do the terms of the contract say? Typically you give the seller a deadline to respond. If they don't respond by that time, the contract is dead, and you move on. Or if the deadline hasn't passed, and you change your mind, you can withdraw your offer. You really need to contact your agent about this. If you're dealing with a bank owned property, it may take a few days or a week to get a response. If it's a short sale, that's a whole other can of worms. ... more
0 votes 7 answers Share Flag
Wed May 16, 2012
Paige Abu-Nawwas answered:
If your working with an agent I would ask the agents advice but you are not locked into anything with a short sale until both banks have accepted the offer. You can back out but is it worth backing out of? If you don't have an agent I would love to help you. Call 971-244-2202. ... more
0 votes 10 answers Share Flag
Thu Jun 27, 2013
Harry Ashley answered:
Depends on whether is is a short sale, REO or regular sale. But you could get it 'under contract', on an As Is contract, which can give you 15 days to inspect and change your mind. But you would need to get it under contract if you really want it.

Online search for Palm Coast Real Estate at:


Harry Ashley
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0 votes 17 answers Share Flag
Sat May 5, 2012
audreybeckerteam answered:
I would get your current home listed first. Depending on your local market conditions the time your home spends on the market can vary. While your home is listed start looking and keep an eye on the property activity of those that interest you. It would benefit you to discuss with a local realtor the current market conditions and the possibility of listing your home. Good luck! ... more
0 votes 8 answers Share Flag
Mon Oct 2, 2017
Thom Colby answered:
They need to tell you in writing EXACTLY what has changed and why they want to charge you more %. Is this a national lender such as one of the big banks or is it a Mortgage Broker, etc.
I suggest you call a reputable company and ask them to pre-qualify you to see what they say.....
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0 votes 75 answers Share Flag
Tue Dec 13, 2016
Bob Phillips answered:
Hi Kim, The correct answer depends on what kind of listing the property is.

If it is a standard, regular, or equity listing, or an REO, ( Bank owned.) then a status "B" ( Backup offers.) or "P" ( Pending.) is fairly likely to close escrow, without being open to "accept" a backup offer - even one at a higher offer, or using all cash.

On the other hand, if the "B" or "P" status is for a short sale, especially a relatively new short sale listing, meaning less than 30 days on the market, then it has at least a 50% likelihood of the initial sale falling apart, plus a likelihood of the price becoming higher, when it does come "back on the market".

In this time of substantially reduced "inventory", it might be wise to keep an eye on short sales that haven't been on the market for a long time, even putting in a backup offer on any that you like. Chances are pretty good that it might come to you, as the next buyer, in line.
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0 votes 11 answers Share Flag
Wed Jul 3, 2013
Mike Papantonakis answered:
It's hard to say if it will go any faster. It's possible since now the lender has got a better feel for the M.O. of this homeowner. The law states that once the NED is filed, the homeowner has 6 months to cure before the auction sale can take place. So, that would mean that the auction sale will not be scheduled until about August of 2012 at the earliest. If the homeowner tries to do a short sale and they get a contract to buy and start the short sale process with the lender, that could also delay the foreclosure sale.
Since this is a new NED, the process starts over again from the beginning. I'm thinking they'll be there for a while longer.
If you want a different neighbor, maybe talk to them about doing a short sale and we may be able to get someone in there through that process quicker!
Good luck with that. Let me know if there's anything else you would like to know about this process.
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0 votes 4 answers Share Flag
Mon Apr 23, 2012
Rich Homer answered:
Statistics show that there are a very high percentage of cash buyers in Naples and very few pending transactions don't close. With a tight inventory, you need to engage a sharp Realtor that can find you a property to make an offer on. ... more
0 votes 11 answers Share Flag
Sat May 21, 2016
Michele Goodwin answered:
The sellers’ agent is representing the sellers and has a fiduciary responsibility to them. There is more than likely an agreement in place between the sellers and their agent that covers the fees to be paid from the proceeds of the transaction and to whom. While it is not unheard of to also have the listing agent represent the buyers, this arrangement would put the listing agent in dual agency and all parties would need to acknowledge and agree to this arrangement and understand the implications of this situation.

You are entitled to and should want buyer representation. The jr. realtor will be entitled to a commission and may even be considered the procuring agent should you first view the property with them and then try to bring in another agent to represent you as your buyers’ agent. You should retain an agent that you feel comfortable with to represent you right from the start. A knowledgeable agent will be able to assist you with assessing the value of a particular property as well as negotiating on your behalf regarding price and other terms of your purchase contract. Don’t be pennywise and pound foolish. This is an important transaction – often the largest purchase most people will make. You want someone with your best interest in mind to represent you and guide you through this process.

Good luck.
... more
0 votes 113 answers Share Flag
Sun Jan 13, 2013
Scott Godzyk answered:
It depends... The bank can withdraw it only to file it again if you are still in default. You should seek a local lawyers advice as your state law my be different. You may want to still file if you are still in default, good luck working things out ... more
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Mon Mar 26, 2012
Marie Souza Team answered:
Yes. There is missing information here so we cannot provide you with a specific answer. Talk to your agent who can best guide you.
0 votes 1 answer Share Flag
Sat Nov 22, 2014
Don Tepper answered:
Generally within 24-36 hours. Sometimes much faster.

Your offer should have a time limit in it; otherwise your offer expires. That way, there's a strong incentive for the seller to respond. That time limit is often 48 hours, though it can vary.

Your Realtor can provide more details.

Hope that helps.
... more
0 votes 13 answers Share Flag
Tue Mar 27, 2012
Matthew Bartlett answered:
Hello Honeytoast4u,

I personally do not turnover disclosures to the Buyer's Agent on a short sale until I have written approval from the Lender's. That being said, there is nothing legally or ethically wrong with turning the dosclosures over to your Agent prior to written approval. Clearly the Agent is efficient and excited about moving the deal along and there is nothing wrong with that. Good luck to and I hope that you receive Lender approval soon.

Warmest Regards,

... more
0 votes 10 answers Share Flag
Fri Mar 16, 2012
Keith Sorem answered:
The short answer is you should consult with someone who has read the listing paperwork.
The practical answer is that you should consult with your agent and explain your situation. There is a status known as "withheld", meaning the listing agreement is in effect, however the property is not longer for sale. Another option is "Hold", which is more of a temporary status (we use when properties are taken off the market for a short period of timel

Your agent is where I would start. If they are not receptive, then their broker would be the next step. The broker has legal ownership of the listing.

Most Realtors will want to make the situation workable.
... more
0 votes 9 answers Share Flag
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