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Home Buying in Kenvil : Real Estate Advice

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Activity 2
Wed Feb 16, 2011
Dallas Texas answered:
As is mean As is - if you preference NOT accept those terms recommend keep looking

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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Tue Feb 3, 2009
Ute Ferdig answered:
Hello Nari. Yes, there's usually nothing short about short sales. The response time depends very much on the lender and I would say that you should prepare yourself to wait for 4-6 weeks if your offer is the first offer that has ever been submitted. It is possible that other offers were submitted before and the bank may have approved a prior offer, but the buyer may have cancelled before the bank approved the offer. In a case like that, the response time may very well be a lot shorter because the lender has already done a lot of the things that they typically do when they deal with a short sale request. That's why it's a good idea to call the listing agent prior to submitting an offer and ask where he/she is in the short sale process.

Now to your second question. It is possible that the lender will counter. Whether they'll accept your offer or decide to counter will depend on where the broker price opinion (BPO) and/or appraisal comes in. Lenders typically have a range and if the offer is within that range they'll most likely just accept the offer, but if it's outside their range, they'll counter. Don't expect to receive a written counter offer. The negotiator will usually just tell the listing agent the new price and then the listing agent will contact the buyer's agent and if the buyer agrees to the new price, the buyer's agent will prepare and addendum to the offer. Let's say your offer is for $250,000 and the BPO comes in at $280,000. There's a good chance that the lender will counter. On the other hand, if the BPO comes in at $265,000, they'll most likely just approve the offer provided everything else looks good (e.g, the seller has to show a hardship).

Your offer should be contingent upon bank approval by a certain date. That will give you a way out if the bank does not respond by a date certain. You can always extend the time, but you would not want to have a contract with the seller that does not have a specific date for the bank's approval.

Good luck to you.
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