This house was listed at 125,000 and previous buyer walked out. I made an offer of $108,000 because the sellers were out of the county so people do not know about the home resulting in no offers. The agent said she had one other offer but would rather work with us(maybe because I have 800+ credit and dont have to sell a home or anything). So my real estate agent (who is familiar with short sales)had send everything to make the offer on Friday. She told us they should find out by that Tuesday(4 days) if the bank had accepted my offer. Do you think I have a good chance of getting this house or at least a counter offer?

While we were looking at paying cash on a short sale house, the bank pre-approved an offer for a “wholesaler”. The “wholesaler” is now looking for a cash buyer before closing. The house has no leins and all taxes are paid up… what is the usual time frame the buyer (or the wholesaler in this case) has before the closing? In other words, how long does the “wholesaler” have to close the deal after the bank has approved their short sale offer? If we made a cash offer to the “wholesaler”, would it be best to complete the cash transaction through a title company and title attorney?

The bank has approved a short sale on $306k and we are planning to offer $275k, do you think that makes sense and we have a chance of getting accepted or will the bank reject us straight away?

I know the short sale process is a bit longer, but we submitted an offer on an approved short sale. The bank finally counter offered and we accepted. It’s been 2 weeks and we still have not received any purchase agreement. Our lender has not heard anything either. Our “realtor” is also the listing agent and keeps telling us she should have the papers in a few days. Is this typical?

I dont want to make the offer to low…I heard for a short sale the offer should not exeed 15% below asking price. what would a resonable offer be for an reo-bank owned? I dont want the bank to just turn me down…what would be a good low ball offer?

Can I put a stipulation in the contract that it’s not fully executed until the lender approves? I don’t want to be sitting around stuck in a contract after the seller approves the price. The seller would agree to any price you throw at them….they aren’t getting anything back.
doinou - I don’t understand your answer at all. I don’t think you understand the question I’m asking. I want to know if I can back out of a short sale contract even if the seller agreed and signed. After that, the contract would be sent to the sellers lender for approval (which from what I understand, can take forever and a day).

Regardless each bidder’s financial condition (down payment amount/ excellent credit score/ contengencies…)?
For example:
Bank’s target price is $350K. Two offers received from two possible buyers.

Buyer A: Offer $352K, 5% down, credit score good 750.

Buyer B: Offer $350K, 20% down, credit score Excellent 803.

Which one would be in favor of by the bank?

My fiance and I have seen so many houses and are in love with this short sale that has been listed for 1 year. The bank approved sale at $480,000 but the buyer fell through. We want to make an offer, but were originally going to offer $450,000, is it worth offering the full $480,000 if we love so much and will only make a small impact on our monthly payment???