BiggerPockets

I am dealing with a short sale threw a realtor, offer is accepted threw home owner. I have been waiting for 2 months and the only thing we got back from wamu is they will consider my offer and that they have assigned a negotiator. My offer was 196,000 and the BPO came back at 180,000 so i thought i was sitting good, but now 2 month's later a second offer came in at 197,000 only one thousand over my bid. I quess my question is how long to i have to wait to get any answers do i get in a bidding war even thow nobody knows what the bank is going to do, or is this what the bank is hoping for.

You are dealing with a Realtor that is "submitting" offers. To get results, one must be prepared to negotiate. By just sitting, the Lender will take their sweet time.

If you want faster results, negotiate the deal yourself.

The ONLY way you can talk to the Lender is to get authorization from the property owner. And I doubt the Realtor will allow that to happen.

As for getting info from the Sellers Realtor, you must stay on top of the situation.

here's a couple of short sale stories for you....

i offered 185k for a home back in 12/07. it was listed for 184k. to this day, i have not heard anything back. i saw in the property records that the home sold for 150k this past march.

another home:

offered 192k on a home that needed some work. it was also a short sale. the bank's appraisal (drive-by) came back at 225k. the listing agent had it listed for 190k. i asked if they went inside to look and they did not. toilets were missing, cabinets missing, etc. they said 'no' to my offer because the appraisal came back so high. property records show this home sold for 163k about 6 months after i made my offer.
(i looked at these for my primary, not as an investment)

good luck!

Ok so how to you get control when the seller already hired a realtor.

LOL- How did i know you where going to come back and say that. Thanks james i have been doing that all along and the property is will worth it, but is the realtor allowed to give you that information of another offer because my realtor says it's unethical to say what the other offer is true or false?

Realtors will give you whatever they feel comfortable giving you. Ethics Schmethics LOL!!! You can get anything you want from someone who makes money from you

My Realtors that bring me deals know how I work. They bring me the deals before they're even listed on the MLS 99% of the time. Now I found most of these agents I currently work with by approaching them when they had a short sale listed and eventually built a relationship with them. It's amazing how much they'll love you and what you do when you perform as promised.

My Realtors bring me the deals, collect all the paperwork, have the sellers sign my processors 'Arms length' transaction docs(meaning they're just negotiating the deal, no biggie, don't get caught up b/c I used a term you may not be familiar with) and then they send me the purchase contract to sign(usually via email and electronic signature so I don't get carpal tunnel) and then they actually put the property on the MLS for me instead of the original seller to find a buyer while the processor is negotiating.

I can't stand most Realtors and not because they're bad people, they're just mis-guided in my opinion but LOVE the Realtors who 'get it' and work with me :)