cancel
Showing results for 
Search instead for 
Did you mean: 

Seller accepted offer on short sale...Question about short sale after foreclosure???

tag
Anonymous
Not applicable

Seller accepted offer on short sale...Question about short sale after foreclosure???

We put in an offer yesterday on a short sale home.  I got nervous last night when I looked up the owners records and saw that the house was in final foreclosure as of 01/24/12 and is set to be auctioned off 03/05/12.  My realtor checked with the sellers realtor today and was advsied that the bank is still able to accept an offer and if accepted by bank they can cancel the auction to proceed with the short sale.  I am praying it all works out and it seems to me that maybe we have more of a chance of the bank accepting since they may get less from an auction.  Anyone have experience with this??

Message 1 of 6
5 REPLIES 5
boomhower
Valued Contributor

Re: Seller accepted offer on short sale...Question about short sale after foreclosure???

Good luck!  You would think the bank would take a solid short sale rather than chance the auction.  As long as your offer is a good one I would say you have a shot.  I will say I would put is a good offer, this certainly doesn't sound like a situation where you are going to have time to low ball and negotiate.  Put in your top offer now.

Message 2 of 6
Anonymous
Not applicable

Re: Seller accepted offer on short sale...Question about short sale after foreclosure???

We offered 119,000 ..they were asking 124,900.  Would that be considered a good offer?  We also requested that the seller pay buyer closing cost but that would not have anything to do with it I would assume.  The only other house in the neighborhood that is for sale right now is also a 5br home and they are asking 119,000 as a short sale.  

Message 3 of 6
Anonymous
Not applicable

Re: Seller accepted offer on short sale...Question about short sale after foreclosure???

I meant $119,900.

Message 4 of 6
Booner72
Senior Contributor

Re: Seller accepted offer on short sale...Question about short sale after foreclosure???

I like your goal on your signature!!

 

The only problem I can foresee is if the bank doesn't get off their arse and do their own appraisals an decide to accept your offer or counter offer you before the auction date.

 

Do you know what bank?  Do you know if the house has one or two mortgages?  is your agent experienced in short sales?

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 5 of 6
Anonymous
Not applicable

Re: Seller accepted offer on short sale...Question about short sale after foreclosure???

I am very worried about them not getting to it in time but praying it all works out.  The loan is with Navy Federal Credit Union and as far as I could tell from doing a public records seach they only had one loan.  My realtor has dealt with short sales before and I am not sure about the sellers realtor but I am assuming that he has even more experience.  I say this because he is the President and Managing Broker of a rather large realestate company here in Orange Park.  He also serves on the board of Florida Association of Realtors and is treasurer for North East Florida Realtors Association.  I guess all of that could mean nothing but in my mind he must know what he is doing to be that involved.  

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.