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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]
Wed Jun 27, 2012
Dan Tabit answered:
I've heard this strategy, but I don't agree with it. There are better ways to get a short sale offer approved than to throw multiple offers on multiple properties and wait.
Short sales purchases are difficult, but improving. More agents are getting trained and experienced doing them. There are short sale specialists who successfully close many transactions and negotiation services for agents who aren't specialists or trained.
Step one would be to have an agent representing you in this process. The more they know about short sales the better. Step two would be to have your agent research the track record of the listing agents on the homes you are interested in. If one home has a new agent with no experience, it probably would be a risky choice. If another home has an experienced agent with many closed short sales or they are using a negotiating service with a history of success, strongly consider this one.
Your agent can also research the lenders involved, the size of the debts and the number of liens and use this information to better judge the odds of success.
Finally, if while waiting for your short sale to be approved, you keep your eyes open for other non-short sale homes which meet your needs, you can consider making an offer on one of these and after that rescind your offer on the one short sale. Your agent will need to know this may be part of your strategy in preparing your offer to preserve this right, but it could work out better than multiple offers on multiple homes.
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0 votes 19 answers Share Flag
Thu May 10, 2012
Tim Moore answered:
I am not going to agree with your agent and they need to take a few classes in real estate 101. What would happen if all your offers were accepted? You would be on the hook for 4 homes and have 4 earnest money deposits due and you could be in some serious problems. You make an offer and wait, then withdraw it before you make another. You said one offer was accepted, you better withdraw the others before they are as well. I would seriously think about a new agent. How much experience does your agent have? ... more
0 votes 16 answers Share Flag
Wed Aug 22, 2012
Robert McAdams answered:
It's always a good idea to get a referral from a family member, co-worker or good friend that has had a great experience with a realtor. You may have different realtors for different areas depending on how you and your agent set up the exclusive buyer broker. If you can't get a referral maybe go to some open houses and see if you have a solid connection with the agent that is hosting the open house. Working with a qualified and licensed realtor is really about the relationship and the knowledge of the area that you're focusing on purchasing. In my experience it's best to have one great agent that has knowledge of all the areas you want to purchase in. Good luck and don't hesitate to call me with any direct questions! Robert McAdams (203)980-2068 ... more
0 votes 177 answers Share Flag
Sat Nov 10, 2012
Laura Coffey answered:
It means they have a contract, have opened escrow, and are not taking back up offers.
0 votes 6 answers Share Flag
Sat Mar 3, 2012
Marge Bennett answered:
there will likely be 2 appraisals, one the bank does to set their value on their asset which they pay for and the 2nd the one you pay for if you are getting a mortgage to set the value for your lender. The 2nd is optional if you are paying cash or possibly if your lender and the selling bank are the same.

Until the offer comes back from the lien holder, you really don't have approval. You may be in contract with the seller if they signed your offer. look at your contract, see the time frames. Ask your agent for their advise.
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0 votes 7 answers Share Flag
Tue Oct 25, 2011
Isom Coleman answered:
From the information you have given, I believe you are entitled to your deposit back and can start looking for another home. I would ask your Realtor to review the contract and forms you signed, to insure you you can get it back. ... more
0 votes 11 answers Share Flag
Wed Oct 19, 2011
Scott Godzyk answered:
It depends what it was sent for, if it was sent for short sale approval the process could take 1-6 months depending if the short sale package was complete or is missing anything. The best person to ask is the agent that is working on your behalf, they should be easily be able to guide you through the process. If you are waiting for a mortgage application, teh loan officer would be the one to ask.

Please see my blog for how a short sale works and what to expect
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0 votes 3 answers Share Flag
Tue Oct 25, 2011
Peter answered:
FYI, the short-sale price has been approved by the lender which is Wells Fargo.
0 votes 13 answers Share Flag
Fri Oct 7, 2011
Kimberly Camella Roy answered:
As long as you have an inspection contingency in your offer, you are covered.
so if during the inspection time frame, you find that something is not to your satisfaction, you can withdraw
from the deal.
You need an inspection contingency though and it must be done within the time frame stated and
if there is an issue which you need to withdraw, it must be in writing.

Kim Camella Roy
Re/Max Right Choice
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0 votes 14 answers Share Flag
Wed Nov 2, 2011
Lisa & Greg Doyle answered:
Hi Isam,
Yes, the buyer can change their minds even without loss of the deposit if they've not removed all of their contingencies. Usually, the buyer doesn't do any inspections or disclosures until the bank approves the short sale. During the inspection time, they can back out for a number of reasons.
Hope that helps you, good luck!!
Lisa Doyle
J. Rockcliff Realtors
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0 votes 6 answers Share Flag
Thu Nov 21, 2013
J answered:
I was involved in a similar short sale option while working with a seller. As I represented the seller, it took a couple phone calls to negotiate the lien down by 85%, and to get the results in writing from the lien holder. However, this was 2 years ago and I am of the opinion that it may take much, much longer in today's abundance of short sale option deals. Good luck! ... more
0 votes 3 answers Share Flag
Wed Jan 30, 2013
Richard "RJ" Kas answered:
I have several references. Give me a call and I would be happy to both refer and assist you in finding your next home.
0 votes 11 answers Share Flag
Fri Jan 27, 2012
Elias Anguiano answered:
Your seller's credit can be used for down payment but yet can get most of the down payment gifted from a relative..You have to use ant $1000 of your own money on a FHA..
0 votes 21 answers Share Flag
Tue Oct 4, 2011
Christine Selzler answered:
Hi Gary

I am not sure what you mean with your question, but if you are looking at a listing and it says there is a 'Short sale contingency', it means that the home is for sale, but the sellers lender, must approve the sale price because the seller owes more on it than the current market value of the home.

I hope I answered your question.

Christine Selzler
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0 votes 25 answers Share Flag
Sun Sep 18, 2011
Marge Bennett answered:
what do you mean before the short sale expired? Had the bank approved a price if the deal closed by a certain date? Was the listing about to expire? Was it set to be foreclosed? Help us out. ... more
0 votes 8 answers Share Flag
Tue Nov 4, 2014
Oggi Kashi answered:
It means the listing is currently active but in contract with a buyer.
0 votes 21 answers Share Flag
Wed Sep 5, 2012
Kari Shea answered:
Hi Karla,

Unfortunately, some sellers require that you make an offer to see the home.

Your agent can craft the offer so you have an out if you do not want to purchase.

Best of luck,

Mark & Kari Shea
Shea Real Estate
Serving Greater San Diego
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0 votes 56 answers Share Flag
Fri Jul 5, 2013
Abu Musa answered:
If I were you I would sell first.So I could find out how much money I would be able to spent for my purchase.Thank you.
0 votes 11 answers Share Flag
Tue Aug 30, 2011
Shanna Rogers answered:
Hi Bev,

If you don't have approval from the lender on the property you have the deposit on, you can withdraw your offer and get your deposit back. Of course, you would only do this if you definitely don't want this property any longer. Now, if you still want to have the possibility of this property, then don't withdraw your offer. I highly recommend NOT submitting offers on more than one property at a time (though many people do this). What happens if more than one offer is accepted? Can you afford to purchase more than one property or lose your deposit for breach of contract?

Shanna Rogers
SR Realty
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0 votes 2 answers Share Flag
Mon Aug 29, 2011
Joe Cusumano answered:
I would send them a notice to perform first. That will start the clock. I think you can get an answer if you put pressure on them. I would also have your broker call their broker and scream bloody murder! ... more
0 votes 12 answers Share Flag
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