qcomer you have to be resilient. It is a frustrating experience. At least you should take solace in the fact that your short sale offers were actually accepted by the seller and sent in. You should also not cross these homes off of your list. One of a few things will happen, it will sell to someone else who decides to offer more, it will eventually go to foreclosure, or it will sit on the market. If it sits on the market long enough, maybe you give it another shot.
Also if the lender rejected the offer, they did so because they had a BPO and/or appraisal completed that led them to believe they could get more for the home.
Let me ask you this, did they simply reject the offer you had or did they counter back? Just curious.
I do not have the official stats on how many short sales eventually go to market but I can tell you that I see a fair share of them. I have mentioned in previous posts that any short sale listed by a “prominent north county agency” has at least a fair probability of going to trustee sale. I have a client looking at homes in Bonita and two of those we put offers on went to trustee sale WHILE in contingent status. Basically it is that agents are to lazy to push the process and that happens alot.
My point is that you need to be resilient and don’t necessarily let those that were rejected sit on the floor. Maybe keep an eye on them and follow up in a few weeks.
Agents are reluctant to work with short sales because they have a lower probability of acceptance and are alot of work. However be patient and push your agent hard on it.
Don’t confuse this post with me saying this is a great time to buy or anything like that. Just realize that deals come to those who kick and scrap and don’t give up when things get tough.
