Found first house I'd like to buy

6 Replies

What do I do now? Its a short sale at 1/2 the price of the house for sale next door. I'm in NY, the listing is 4 days old. I'd really really like to get this house. I called listing broker and left a message, how do I submit an offer for a short sale? Should I just use their form, have my own form, what do I do?

You'll probably need your own agent, but the listing agent might help you write the offer. It will be on your state's standard form. If you get an acceptance, which can take MONTHS on a short sale, there will be a stack of addendums. Keep in mind the seller's acceptance of your offer is a necessary but meaningless step. Its the lender's acceptance of the short sale that really matters.

Now that you've found one to make an offer on, find a dozen or two more and make offers on those, too. Then you have a shot at buying one. If, for some reason, you're determined to buy this specific house, make your offer a very high one. Ideally, high enough that its no longer a short sale. Realize, too, that there may be some deal already on the works on this property and the listing agent may already have an offer on the table. Short sales are very frustrating and have a low probability of success.

Thank you for the reply.

I actually just found a second house I would buy near that first house, its also a short sale, slightly bigger sqft, but slightly smaller lot size. How do I make offers on multiple listings without getting into a bind when I get multiple accepted offers and can only do 1 or 2 at most at the moment. I'd really love to make 10s of offers, but don't know if I'm supposed to add a deposit or a check or something with my offers? What do I do to get out of other offers once I have an accepted offer?

Ohh and recent sales in the area are close to the asking price of the short sale, will that help?

I contacted my agent and she said that it already was in contract... =O

The property was only listed for 6 days so far. Ughh, do short-sales really go into contract that fast?

You seem quite serious about this...I'm wondering whether you're looking for a house to live in or as an investment? Strongly suggest you get yourself an agent to represent you. Costs you nothing, increases your odds of success. He or she will answer all your questions, feed you potential listings, negotiate your offers, keep you out of trouble, help you protect your deposit, explain seller disclosures etc., etc.

Originally posted by @Martin S. :
I contacted my agent and she said that it already was in contract... =O

The property was only listed for 6 days so far. Ughh, do short-sales really go into contract that fast?

If it's a good deal, many houses will go under contract the day they're listed. On a short sale that's not guaruntee that it will sell at that price though because the bank has to approve it.

If I am the listing agent on a short sale and it is revealed that a Buyer is making multiple offers on several short sales to see which one sticks, I recommend my client reject their offer. (in a market with low inventory, such as mine).

I very rarely do not get a short sale accepted, and I feel that the Buyer needs to commit. I also want my Client (Seller) to commit to that Buyer. My Clients are often in route to foreclosure and I am spending months fighting for an approval for that Buyer. If they back out, the approval is not transferable to the next Buyer, the process has to begin all over. It is a painstaking process.

All listings get the most activity when they are first introduced to the active market, so it is a matter of acting quickly with any listing that interests you.

Good luck, and make certain you get a smart agent to guide you through your first purchase, it will shape your opinion about real estate, so it is a big deal. Many people on this site will attest to the fact that purchasing real estate can be very lucrative. =)

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