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Bidding on a short sale...

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Anonymous
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Re: Bidding on a short sale...

Yes, we have been told that the agent is submitting all offers to the sellers bank until the keys are in our hands.  I can't imagine that the bank would want to scratch us off though and start over when we are so close to the finish but who knows?  I feel like we are sitting on a time bomb.  My buyers agent tells me that other some short sale agents are doing it differently, only submitting one offer for approval at a time, so hopefully you won't be in this situation.  The owner doesn't want to move until she is certain we will buy, the listing agent won't stop showing it and here we are ready to sign the dotted line today!  Gah!
Message 11 of 46
Anonymous
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Re: Bidding on a short sale...

Thanks!  I have no idea how their agent is doing it.  I know that in the 40 days it has been on the market, so far I am the only offer.  I hope it all works out for you.   The owner on the property I am offering for moved out over a month ago and in with family, i think.  She cosigned on another mortgage last year so she is probably living there.  When I went through the house 2 weeks ago there was very little there... a few odds and ends.. that is it.

 

Good luck!

Message 12 of 46
Anonymous
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Re: Bidding on a short sale...

Have you heard anything back yet?

 

I put in an offer on a wells fargo short sale here in Ohio on Oct 22nd, the sellers accepted the same day, but I still have not heard anything back from wells fargo yet.

 

And yes on this one too the house is still active in the mls and able to be shown up until the day of closing! 

VERY stressful!

Message 13 of 46
Anonymous
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Re: Bidding on a short sale...

nope... I haven't heard a thing.   still waiting.  

 

Do they just have one mortgage on the property?

 

My realtor is talking of adding an addendum stating that they can't submit multiple offers to WF.   grrr why didn't he put that in the original offer?!?!

 

Good luck.  I hope you hear soon.

Message 14 of 46
Anonymous
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Re: Bidding on a short sale...

Yes they have just the one mortgage.

 

With mine we have to go through a litigation attorney's office as an in between.

And part of any offer ever getting through to wells fargo we had to add in the following to the contract:

 

"Buyer understands and agrees that acceptance of this offer is subject to thir part lienholder approval within 120 days.

Buyer agrees to pay a 1.5% buyer's premium at closing for the mediation services of TheLawsonGroup Mediation Services.

Buyer accepts property strictly as-is.

Buyer understands and agrees that multiple offers may be accepted by seller for submission to lienholders.

Closing shall take place on or before 60 days following receipt of bank release letter."

 

From my understanding all short sales have similar "multiple offers may be accepted" clauses... grrr! Smiley Happy 

Message 15 of 46
Anonymous
Not applicable

Re: Bidding on a short sale...

We don't have a middleman that i am aware of.    As far as I know the offer went straight from us to the listing agent/seller.. was accepted and forwarded on (hopefully with all necessary info) to WF.   I was told that the process had already been started but I dont know where in the process they are.

 

My agent seems to not know anything as far as status.... *sigh*

Message 16 of 46
Anonymous
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Re: Bidding on a short sale...


@Anonymous wrote:

 

*fingers crossed*

 

woopah.. did you end up finding something and getting the credit or are you still looking and just thankful it is extended like I am?


 

Funny enough, I just closed on my first home on 11/2.  I went under contract on 8/30 on a home that wasn't a short sale, just owners that decided they wanted out of the place and wanted to get into another place while the market was this low.  So I don't feel like I got a great deal, because they wouldn't negotiate, however I know that I paid almost 50K less than they did in 2004.  Because it was a new build the neighbors told me that my home has a lot of upgrades, such as a private master bath, etc.  

 

So if I had stayed with the short sale, and the bank accepted, I probably could have closed sooner with the short sale.  But I love this place sooo much more.  It's a townhome instead of a duplex, but it's the end unit and it's so much bigger and nicer than the duplex was.  It may not have the 'blingy' upgrades, such as maple 42" cabinets, black appliances, etc, but the rooms are gigantic, the closets are bigger, and it's got a basement.  

 

Still waiting on getting the actual credit though.  I mailed it on 11/20 and haven't gotten confirmation that it's been received at the IRS yet.

 

Good luck on your offer!

Message 17 of 46
Anonymous
Not applicable

Re: Bidding on a short sale...

I know this site is more about getting the mortgage but I have a question on the short sale process for those experienced buyers that have closed.  I have an offer in on a short sale.  It was accepted by the seller and sent to their bank.  Their bank sent me an arms length affidavit, an as is affidavit and a closing date extension affidavit.  I was reading through the web some and the sites I read say they tend to send those after a BPO was done and when they are getting ready to accept the offer and close.   Is that right or do they do that up front now since there are so many that properties going to ss they figure may as well get the paperwork out of the way?

 

Thanks.

Message 18 of 46

Re: Bidding on a short sale...

Hi Moonlitpath,

 

We received written approval from the bank on the short sale home in which we submitted an offer.  The bank included an Affidavit of Arm-Length's transaction form with the written approval.  And they are requiring that we sign and submit it along with the HUD-1 at closing.

Message 19 of 46
Anonymous
Not applicable

Re: Bidding on a short sale...

Thanks, help appreciated.  

 

I haven't received a counter offer or an acceptance from the bank yet.  The seller accepted it 11/13 and it went to Wells Fargo on 11/16.   This is the first movement we have seen.  I have asked my realtor several questions but the only thing he keeps telling me is "we have a ways to go" so I'm still lost.  I don't even know if a BPO has been done.  The only thing I know is that WF sent an arms length transaction aff, an "as is" aka short sale aff, and a closing date extension form and asked for them to be returned asap.  Just curious as to where I am in the process (aside from obviously the beginning.)

 

 

Message 20 of 46
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