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Making An Offer On A Short Sale Home All Locations : Nationwide Real Estate Advice

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Showing results for Making An Offer On A Short Sale Home [Clear search]
Mon Mar 18, 2013
Edith Karoline Jasser answered:
Before answering your question and want to point out to you that I do not feel that I have enough detailed information about the situation in general, but here is some of my input and my thoughts....

Forget a moment that it is a bank you were dealing with as it was I assume a Foreclosure, when the bank was the legal owner of the property at this point....

Any Seller, can accept or refuse any offer, it is their house to sell, they like one offer better because the
buyer has a large down payment and and higher earnest money amount, or they like the other buyer's offer better because the offer has a higher purchase price, or even better the next offer will close faster, or they do not have anything to sell, or imagine the seller does not yet know where they are moving to themselves so they prefer the offer that closes latest, because it will give them more time to look for their next home .... so you see there are many reasons, for a seller in general....

As far as the bank's decision goes which offer to accept, and probably it was not just your offer and
the one they accepted, may be there were others as well - just think about if the bank can close quickly and get the house off their inventory (Banks are not in the home buying and selling business, they are in the money business) they may go for that, because the cash offer can close as soon as
the title, and survey can be done etc. and they close, with an offer that requires to apply for a loan
and then wait until all paperwork is presented and that bank finally issues the loan commitment, means waiting for the bank..... So this may just be an explanation why what happened happened...

As a buyer making an offer on a foreclosure or bank owned property is always as bit of a waiting game
and once the bank makes up its mind, that's it....

I feel bad that you think that this was your dream house, I always tell my clients, there is always another home coming on the market, and chances are that it may just be even better than that
first dream house, and could become your final real dream house. Just take a deep breath and
look for the next home that fits your needs and pocket book. Are you working with a Realtor, you may
want to work with a buyers agent, there will be no cost to you in most cases, if and when the property
is listed by another brokerage and you get a lot of guidance..... I wish you much luck, if you need
a recommendation or a good Realtor in your area, let me know.

Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more or
Check out my website at
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
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0 votes 3 answers Share Flag
Mon Mar 18, 2013
Stelios Stylianou, P.A. answered:
Hello Brandon,

I would definitely be able to further assist you in your search and to guide you in the right direction with the most up to date knowledge on our local market.

Please, call me at your earliest convenience anytime after 8:00 a.m. 7 days per week so we can talk further on moving forward to new home ownership.

Congratulations on your new baby to come and for making the decision to own your very own piece of paradise. . .

Best Regards,

Stelios Stylianou, P.A., Realtor®, CDPE, CIPS, RSPS
Palm Beach Florida Properties
"Paradise Living"

Direct: 561.542.4131
Short Sales/REO: 561.463.6004
E-Fax: 1.866.314.2556
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0 votes 5 answers Share Flag
Sat Apr 30, 2016
Tim Moore answered:
I thought you were the seller. I would think you are on your own to do the best you can.
0 votes 5 answers Share Flag
Mon May 20, 2013
Tracyparker answered:
The agent also told me to keep looking for other houses... Even after he told my realtor that my offer has been accepted. He states that they can accept any offer they want.... So I9;m left wondering am I the right color for this bank or agent!!!!! ... more
0 votes 7 answers Share Flag
Mon Mar 18, 2013
Bianca Bennett answered:
Three reasons why buying is the greatest opportunity for you today:

1. Interest Rates

There is never been a cheaper time to buy a property using banks money than today, which means your payment will be less.

2. Home Prices

Home prices are lower than they were during the “Boom”, as low as it was in 2002 – 2003 Nationwide.

3. Inventory

There are more homes for you to choose from than ever, there are so many options! If you remember 8 – 9 years ago you had a choice of 2 or 3 homes and you had to choose one of those 3, today you have a choice of 100. And lets not forget you can jump on some good opportunity, some good deals such as Bank Owen, Foreclosure and Short Sale properties.
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0 votes 10 answers Share Flag
Thu Apr 4, 2013
Jim Pennington answered:
Please remember that the list price is simply the asking price. Most sellers set a price above what they expect to sell for. Some are reasonably higher, others are unreasonably high. A cash purchase has the advantage for the seller of not having to wait for the buyer to secure financing, or sometimes, being unable to secure financing. It also means no waiting for an appraisal or a survey if the buyer chooses not to have those items. A cash offer, with verified funds, typically means a faster closing with less headaches. And that's always attractive to a seller. Please let me know if I can help you with finding a home. Thanks! ... more
0 votes 11 answers Share Flag
Thu Jun 5, 2014
Ron Thomas answered:
You know very well that we are not allowed, BY LAW, to discuss commissions in an open forum:
Why do you do this to us?
0 votes 18 answers Share Flag
Sat Mar 30, 2013
Michael Hammond answered:
There are over 190 home listed on the MLS, Allison, in metro Atlanta that meet your criteria. Now all we have to do is narrow down your description of a "most respected suburb" that would allow for traffic patterns locally. If you would like for me to send you electronic flyers of any or all of these properties, please forward me your email address and I will get them over ASAP. If you'd like to see some soon, please call, text or email and I will arrange the showings. Good Luck!

Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
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0 votes 39 answers Share Flag
Sun Mar 31, 2013
Ian Halpin answered:

I am not an attorney and you should definitely think about getting one, or at least getting good counsel. But if you are pretty savvy and organized you can possibly do this on your own. Two things to do immediately:
1. Get on the phone with your bank ASAP. Your silence will lead them to believe you do not care. Open up a dialogue and see what options are available to you. A loan modification is quite a process but can be done. If you only owe a few months they may put it on the back end for you if you can prove ability to pay. Banks do not want to own real estate if they don't have to. If you can get to a branch that may also be a good start. Always helps to talk to real person. Can't hurt.
2. Absolutely keep the court date. It takes over a year for a foreclosure to go through. So get in front of the judge and tell him you are working it out. Time is on your side.

I wish you luck. If you are persistent you should prevail.

Ian Halpin / Broker
Jameson Sotheby’s International Realty
425 W. North Ave. / Chicago, IL 60610
O: 312.335.3220 / F: 312.229.9190 / C: 773.531.4479 |
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Sun Jul 2, 2017
Marc Comisar answered:
If you are looking for boating you should no doubt at least consider Cape was built for that! If you would like some assistance we can help.
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0 votes 52 answers Share Flag
Fri Mar 15, 2013
Akil Walker answered:
Hi Pokodiane,

You submit an offer at whatever price you feel comfortable with. if it is a short sale it is subject to bank and/or investor approval, and they will make final determination what they will accept in terms of price. You should consult with your Real estate Professional your working with in terms of the best approach. if you are not working with one, I would highly recommend you obtain representation to guide you thru this process.

Good luck and hope this helps
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0 votes 5 answers Share Flag
Thu Mar 14, 2013
Simon Campbell answered:
I took a moment and checked out our database of listings on There are literally hundreds of foreclosure, REO, short sale and auction condos available in Boca Raton and Delray Beach, Florida within the $40k - $120k price range. Feel free to take a look to see what is available.

Boca Raton:

Delray Beach:
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0 votes 4 answers Share Flag
Sun Jul 21, 2013
Mitchell Hall answered:
Hi Horace,

My advice would be to move on and hire a buyer's agent for the next apartment. If you wanted the apartment rather than "following it" you should have made an offer when it was for sale when you saw it. If it sold a few weeks ago it was probably in play a couple of months ago.

Apartments are not stocks. Following it? What were you waiting for?

You snooze you lose. Now your chasing the market.

In my opinion you need to be alert, prepared, ready, willing and able to purchase next time you see an apartment you like. The market in Manhattan and Brooklyn is on fire and moves fast.

Bidding, bidding wars, highest and best offers are now the norm but they take place before the apartment is sold.


Mitchell Hall
Associate Broker
The Corcoran Group
347-921- HALL
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0 votes 8 answers Share Flag
Thu Apr 4, 2013
K.C. Jones answered:
60-90 days before you want to move is plenty of time, but you may want to apply now just to make sure you're on the right track. If you apply now we'll have plenty of time to work through any problems before you find your new home.

We finance FHA loans with only 3.5% down and FICO scores as low as 580.

You may apply online at or give me a call.

K.C. Jones
RH Lending
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0 votes 14 answers Share Flag
Sat May 4, 2013
Alison Hillman answered:
I speak for myself that while I live in the most expensive city in the US to rent, I haven't bought yet because I don't know what my life will look like in the next five years! I predict that I will get married and have a family, but I am not ready to commit to something so permanent at this point in my life. Hope that sheds some light.

Great question!

Ali, Community manager
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0 votes 8 answers Share Flag
Sun Mar 17, 2013
Cindy Davis answered:
I can't even find it on the mls. I wish there were laws to affect timelimes, but there aren't. In the meantime, it sounds like you are in some dire straits...I would encourage you to explore other options.

Take care.
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Sat May 4, 2013
Lance King answered:
probably because they want to make sure that you will be able to afford the property including all costs, especially if you are looking at places with high HOA fees.
0 votes 24 answers Share Flag
Fri May 10, 2013
Josh Barnett answered:
Click the "Mortgage" link at the top of the page on Trulia. Apply for a mortgage and BAM!!!! You will know if you can or cannot and what you need to do if you cannot.

Best of Luck
0 votes 8 answers Share Flag
Fri Mar 22, 2013
Todd Akes & Team answered:
The choice is dictated by your current financial position and your game plan. I prefer to put down the largest down payment you are comfortable making. It will get you into better rates, no mortgage insurance, and will give you more market leverage with sellers and agents. A simple way to determine the actual cost is to multiply your monthly payment times the number of months you plan to stay in the property vs. a different loan type and down payment. If it's a short term living situation, paying up front points to reduce the rate is not advisable.

Hope this helps,
Todd Akes
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0 votes 8 answers Share Flag
Sat Jun 25, 2016
Meena Gujral answered:
Hello Bibinini,

Dublin is a very desirable city. It has two BART stations, plenty of restauants, shopping, parks etc. It is very centrally loactaedand the school scores are a lot better than they used to be about 10 years ago, and they keep getting better. With the way the market is right now it is easier to get a new home than a resale. Inventory is very low and demand is very high.

The new homes have started a priority list and they are also being selective now. Pretty soon most builders will have a lottery when they release their next phases.

San Ramon and Pleasanton are great cities to live with excellent schools, however as I mentioned, demand is very high. Homes sell with multiple offers way over asking price.

I have recently registered at least 10 clients at DR Horton, Standard Pacific (Piazza and Castello), Taylor Morrison, KB homes, Brookfield Homes Winwood and Mariposa at Jordan Ranch. Believe me, all the builders are increasing their prices $25-30K every two weeks in some cases.

Dr Horton prices were the most reasonable in that area and the demand was very high. The builder is using that demand to their advantage and raising the prices more than the other builders in the area.

Make sure you take an agent with you so they can register you there. If you have not registered at other sales offices, please take advantage of what your agent can provide you and register with an agent. The builder will pay your agent a commission so it costs you nothing.

I give my buyers a lot of inside scoop on how much the homes are going up in each phase, what the whole neighborhood resale homes are going for and if it makes sense to buy in that development. By getting an agent you have a lot to gain and nothing to lose.

Hope this helps.

Meena Gujral
Achievers Realty
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