I met two different agents & they both told me the same thing about two different bank owned properties. They said if I submit an offer, the offer should be higher than asking price cause there probably will be many offers.

Can I just submit the asking offer instead since I am in no rush?
I am in Southern California.

We put in an offer on a Wells Fargo REO on Sat June 14. It was listed on June 13. The offer was $6,500 more than the asking price. We are doing 100% financing…97% through FHA (we are pre approved) and the down and closing costs are through the HART PROGRAM. We also can do a 30 day or less escrow. The bank is putting a 5 day hold on all offers. So now there are several offers on this house.

I noticed on Zillow that the same house was recently sold on 06/04/2008 for $198,000 which is about $30K less than the asking price. Did the bank buy this house for that price? I thought Wells Fargo owned this home already…so where did this price come from?

Also is our offer a good enough offer?

We absolutely LOVE this house!!!!
We are paying the fee for the Hart programm

I just made an offer on a short sale in Columbia, SC. Accu Bank is the mortgage holder, and I’m just wondering how long I should expect it to take for them to process the offer.

I submitted an offer on a REO(bank owned) house in Southern California.
The bank counter offered.
I accepted the counter offer and signed the counter offer addendum and emailed back to the bank(listing agent).

Afterwards I drove by the house and saw few interested people looking at the house. I talked to them and they told me that when they called the listing agent, the listing agent told them that they already have multiple offers and they’re free to submit an offer.

With above said, can the bank reject my signed counter offer and go for a better offer?
Escrow has not opened yet.

I sent the counter offer addendum via email early last week.
Actually my buyer’s agent sent it for me via email.

Also when the counter offer was sent to me via email PDF file, I printed it out, signed it and translated to PDF file again and sent it to bank via email.
Professor Kemperk, ..

also the listing agent’s secretary verbally told my buyer’s agent over the phone that they accepted our offer. With this said can the bank still back out of this deal and sell the house to a higher bidder?

An REO bank owned property was put on the market 7 days ago. I finally got my finances together and ready to make an offer but only to find out the listing agent has already sent of 5 offers for the bank to decide. Now my agent is calling the listing agent to see if she will be accepting our offer. Am I too late?

Why would sellers want to deal with buyers who use short sales?

Short Sale- What if the Bank rejects your Offer what do you Need to do Next

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Home Page > Finance > Real Estate > Short Sale- What if the Bank rejects your Offer what do you Need to do Next

Short Sale- What if the Bank rejects your Offer what do you Need to do Next

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Posted: Nov 14, 2009 |Comments: 0
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There are a lot people who still manage to cope with the ongoing financial crisis.  Because inflation has been very unpredictable, most individuals are struggling to meet all their financial obligations.  Those people who will greatly be affected by the global economic turmoil are the ones who are in the middle class.

And if you are one of the struggling homeowners who is successively missing the monthly amortization dues, then you will probably meet foreclosure in a few months now.

In these days, homeowners have learned to look for ways on how to fight foreclosure.  One concrete example of these is looking for other ways to invest their money, like buying short sale properties.  But the usual pitfall in such option is most of them do not close.  This happens because of the rejection made by the lenders.  There are several opportunities have been blown away because of rejections.  Go through the rest of this article so you can have ideas on what type of cases are these.

Normally, banks have detailed requirements that you must comply before you apply for short sale.  You have to produce the necessary documents and show to them in an orderly manner.  If ever you miss to complete the list, then you will never get them to prioritize your application.  They can even disregard it due to the incomplete requirements.  To avoid such scenario, furnish a copy of this list and prepare the papers ahead of time. 

Apart from that, you also have to do your responsibility as the applicant.  As soon as you have submitted all the papers, you need to follow up your application.  Do not be too complacent about just handing them your application.  Bear in mind that you are not the only applicant, there are so many out there.  So it helps if you make a follow up so you will know the progress and remind them about your documents.

Giving in to the initial offer is said to be a money loss.  However, lenders can only validate up to this extent of loss and can not accommodate more.  Hiring third parties can even be worst.  It is acceptable if it falls between 90-95 percent of the BPO.  If your value misses to meet the considerable loss, there is a possibility that short sale will be rejected.  And thus no deal is closed without any approval.

It is inevitable that short sale applications have a slow procedure.  There are series of documentations to be conducted before granting the approval.  If you have plans in engaging yourself in this type of deal, it is essential that you have to update your buyers from time to time.  You need to fulfill their expectations.  Or else they will forget the idea of pursuing it.  Hence, learn to take good care of every client that goes to your office and assure them that they have made the right decision to invest in short sale houses.

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Looking for a nice place to stay? Check these sites Short Sale Property in Coolidge AZ, Short Sale Property in Waddell AZ and Sun City West AZ Short Sale Realty for Sale.

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I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
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The listing said subject to bank approval. The seller accepted another offer that was put in (before mine) so the contract went into attorney review. We were told by the listing agent that didn’t mean anything because the bank didn’t approve it so they were still accepting offers. My husband and I put in an offer, the listing agent said our offer was better than the first one but we still haven’t heard back from the bank, since its a short sale we weren’t expecting to hear back any time soon. I think the listing actually said pre-foreclosure too. (not sure if that’s the same?) Anyhow, I checked the listing today just for the heck of it and it says contract date 2/18/09. Called my realtor, she called the listing agent and they said even though they haven’t heard back from the bank, the first offer that went in was put through attorney review so they said even though the bank didn’t approve anything they said it was nj law that they had to list it as under contract. That sounds bizarre to me. The listing agent said that doesn’t mean the other party got the house and said again that our offer was better and it was up to the bank to decide. Does that sound correct? I want to note that we got our pre-qual letter from the same bank that the house is defaulted under. And the listing agent said our offer was higher but couldn’t say by how much. Can anyone offer insight?

The realtor said “rather quickly.” I’d like to know in terms of days/weeks what quickly means. Talking about an actual foreclosure, not short sale.

In addition, do banks ever counter, or is it always just accept or reject?

According to my realtor, the offer “has been qued as a short sale to the bank and someone has been assigned to the file. Now they are ordering a BPO, which is home values for that area. And once that is processed than we should see an approval.” How long will this take before the offer is approved after this?