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.
Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes
16y
Ready for this -
You can't!
Not really anything you can do at this point. That is why most investors that specilize in short sales, do not purchase properties that are listed.
If I were in your place, here is what I would do:
1) Call the listing agent to get an update. Have the Realtor send it to you by eMail.
2) Ask what the hold up is at this point. Has the offer been accepted, countered, or rejected.
3) IF other offers have been placed, ask Realtor to verify if the new offers are higher, less items on the addenda, or anything else. (This to needs to come in eMail form.)
Once you get the info by eMail, make a descision. Take all this you have gained and now look over the property and what will have to be done to purchase. (Question- Is the property still worth it?)
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
16y
The answer is "who bloody knows". Banks move at their own speed. The owner's acceptance means absolutely nothing. Only the bank's approval matters. Could be a month, could be a year.
Find 10 other houses and make offers on them, too.
Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes
16y
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.
With who the bank, because i tryed to call the bank and could not get anywhere because i don't have the information to talk to the bank because it's the owner of the house has to give me permission to talk to the bank and they have not they gave that to the realtor. But my realtor has been keeping on the seller's realtor to keep calling the bank to find something out. But he says he can't get ahold of anyone and i don't know if i believe that.
Financial Advisor · Tampa Area, FL · Member since 2008 · 956 posts · 214 votes
16y
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)
Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes
16y
Ready for this -
You can't!
Not really anything you can do at this point. That is why most investors that specilize in short sales, do not purchase properties that are listed.
If I were in your place, here is what I would do:
1) Call the listing agent to get an update. Have the Realtor send it to you by eMail.
2) Ask what the hold up is at this point. Has the offer been accepted, countered, or rejected.
3) IF other offers have been placed, ask Realtor to verify if the new offers are higher, less items on the addenda, or anything else. (This to needs to come in eMail form.)
Once you get the info by eMail, make a descision. Take all this you have gained and now look over the property and what will have to be done to purchase. (Question- Is the property still worth it?)
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?
Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes
16y
I really have no idea if a Realtor can give you the info about the other offers or not (ethically speaking). (I am not a Realtor.) But it can not hurt to ask. If they will not give you the direct info. Quiz them to acquire as much info as you can get.
Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
16y
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 :)