I put in an offer for $479k on a short sale property. We think it’s going to get appraised at $505k or $510. Somewhere between there. Lets say the sellers/current owners are qualified for the short sale. What are the chances that the banks (yes, there are two lenders involved - EMC & CountryWide) will accept this offer? So, we are offering about 8% less then if it gets appraised at $510k. Thanks!

Our offer was accepted almost a week ago, now Im just waiting. My Lender is bank of america once the owner accepted our offer on 4/16/10 BOA said they would not due the appraisal until the bank accepted the offer. On 4/29/10 $530.00 came out of my checkings, I called for the report several times and the loan processor has not called me back. My realtor just called me on sun 5/16/10 stating the bank finally approved the loan. This is a short sale home and Im so lost and stressed. How much longer anyone?

Condo in California, loan with Indymac Bank. If I am delinquent for 3 months and disapproved for a loan modification, how much longer will I have to attempt a short sale?

I just put an offer on a home in california last monday 5/4. The home was short-sale approved at $285k and has been on the market for almost 150 days. I’m purchasing the home with an FHA loan with 3.5% down. I submitted an offer of $295k + 3% help with closing cost valid until 5/15.. I just found out that the only other offer on the home besides me is a person that offered $280k without help with closing cost and using a conventional loan with 20% down. I’m basically giving $1500+ over what the bank is asking but my agent is telling me that the sellers realtor is saying that the bank (countrywide) would like the $280k offer more because its more “clean” and they are not asking for any help with the closing cost and also because they have a 20% downpayment.

I heard from my agent that the bank has been sitting on the other offer for over 3 weeks prior to my offer. I was under the assumption that whatever loan the buyer uses didn’t matter because the sellers bank still gets the money. I was hoping someone can tell me what my chances are of getting this home or if I should submit a higher offer?

I made an offer on a short sale in the Tampa area. I offered $100K less than the advertised asking price. Four days later my broker contacted me and said the bank had lowered the asking price by $70K. She said this new asking price was “bank approved” and closing could take place within 30 days. I raised my offer to the new asking price. This was on a Friday.

The following Tuesday, the broker contacted me to say the bank wants to sit on my offer for 180 days. I told her I didn’t understand and explained that I only raised my offer because she told me that price was bank approved. In fact, the listing has been revised to read “Approved Short Sale at listing price. Can close quickly.”

The agents only explanation is that the bank is claiming that the asking price was only approved for one day and we submitted our offer after the close of business that day.

I don’t see how they can get away with advertising “bank approved” and not accept my offer. What recourse do I have? The agents and brokers offer no satisfactory answers. I’m considering contacting the State Attorney General.

Thanks,

I have a loan on a home for $450,000 in Georgia. The second loan is for close to $200,000 (2 banks). The first loan has been approved by BOA for short sale, the second loan however was with a bank that has ‘failed’ and was acquired by the FDIC that then was sold to 3rd party. This 3rd party is asking for $30K cash, and $70k notes payable over 7 years. They have a lien against my only business asset & are claiming if the house goes into foreclosure they can/will come after me for repayment of the remaining 2nd loan. I need to know how to get them to lower the second loan amount, or what my options are as I can’t afford another 70k for 7 years! Please help & advise.

I have recently made an offer on an “approved short sale” that was approved at $115k. It was lowered to $105k and has been on the market for about all together 400 days now. My guess is they lowered the price because the house is missing the following: AC unit, heater, and water heater and people wont even bother. I am willing to do the work because of an experienced Realtor and we came into agreement with these special terms with the bank which would come out of my pocket to replace the items. The problem is will i get my offer approved of $110k in adition to the additional cost of replacing the items? I really love the house. It doesn’t sound like there’s other offers, and The listing agent seems positive that we have a good chance of getting it and even opened escrow and is listed as “pending” or under contract. Do i have a good chance?

question # 1
if i purchase a condo via short sale ” already aproved by bank”, and the price is $100,000 and the assesed price is 200,000 does this means that the equity in the property is $100,000?

2. how long would i have to weit in order to be bable to take out equity.
is there a waiting period?

could you explain how equity works in this case?

we have thenly offer and there is only one bank involved its been a week and we have heard nothing, do i have a good chance or should keep looking. it was listed for 199,000 and we offered 190,000. i love the house and would pay top dollar but unfortuanly it is a short sale so im taking a chance.

It is my understanding that the bank has to approve a dollar amount that it will accept for a short sale. I f I offer less than this amount, will they even consider it? Ex. I want to buy a house that is listed at 79,900, and I am approved for a purchase price of 75,000. After the real estate agents get there share the bank may only get 69,000(just a guess). I dont know what amount or if the bank has approved an amount for the short sale, but with a list price at 79,900 do I stand any chance at getting this house???