buy short sale house that’s already in contingent status?

[pemeliza]

1.) “Right now, I am in escrow for buyers who are getting something that I consider to be at least 10-15% below market”

2.) “Short sales have the potential to be closer to normal sales than bank owned sales do. Therefore, they could help dramatically to normalize the market. If you think about it, short sales could be done with far less waste.”

The bank owned deals that I am seeing almost always get bid up to “market value” unless there is fraud going on by the listing agent or the bank starts too high in price. Perhaps the “short sale” idea does have potential but right now I am still seeing way too much fraud and its the “short sales” that always seem to close below or sometimes even well below “market value”.

[Waiting to feel the magic]

[quote=ybitz]Can you still tour a house and/or make an offer on a short-sale house that is in contingent status? Or is it already too late at that point?[/quote]

We have offers on two SS right now. Both offers were made when there were other offers in front of ours, but I don’t believe the propties were contingent at the time. Months later we are still in the hunt for both properties.

[quote=ybitz]What’s the consensus on buying short sales these days? Too much hassle for the slim chance of getting a good deal, or worth pursuing? Will the new government program for short sale encourage more underwater owners to put their house up for sale?[/quote]

Distressed properties (REO and SS) are about all we’re looking at. There’s not much on the market, and SSs are a good chunk of what’s there. A little patience is worth the huge amounts of money that you save in our opinion. Admittedly, we haven’t closed on anything yet. A key I think is getting an realtor that knows the SS process really, really well.

[Waiting to feel the magic]

[quote=ybitz]Can you still tour a house and/or make an offer on a short-sale house that is in contingent status? Or is it already too late at that point?[/quote]

We have offers on two SS right now. Both offers were made when there were other offers in front of ours, but I don’t believe the propties were contingent at the time. Months later we are still in the hunt for both properties.

[quote=ybitz]What’s the consensus on buying short sales these days? Too much hassle for the slim chance of getting a good deal, or worth pursuing? Will the new government program for short sale encourage more underwater owners to put their house up for sale?[/quote]

Distressed properties (REO and SS) are about all we’re looking at. There’s not much on the market, and SSs are a good chunk of what’s there. A little patience is worth the huge amounts of money that you save in our opinion. Admittedly, we haven’t closed on anything yet. A key I think is getting an realtor that knows the SS process really, really well.

[Waiting to feel the magic]

[quote=ybitz]Can you still tour a house and/or make an offer on a short-sale house that is in contingent status? Or is it already too late at that point?[/quote]

We have offers on two SS right now. Both offers were made when there were other offers in front of ours, but I don’t believe the propties were contingent at the time. Months later we are still in the hunt for both properties.

[quote=ybitz]What’s the consensus on buying short sales these days? Too much hassle for the slim chance of getting a good deal, or worth pursuing? Will the new government program for short sale encourage more underwater owners to put their house up for sale?[/quote]

Distressed properties (REO and SS) are about all we’re looking at. There’s not much on the market, and SSs are a good chunk of what’s there. A little patience is worth the huge amounts of money that you save in our opinion. Admittedly, we haven’t closed on anything yet. A key I think is getting an realtor that knows the SS process really, really well.

[Waiting to feel the magic]

[quote=ybitz]Can you still tour a house and/or make an offer on a short-sale house that is in contingent status? Or is it already too late at that point?[/quote]

We have offers on two SS right now. Both offers were made when there were other offers in front of ours, but I don’t believe the propties were contingent at the time. Months later we are still in the hunt for both properties.

[quote=ybitz]What’s the consensus on buying short sales these days? Too much hassle for the slim chance of getting a good deal, or worth pursuing? Will the new government program for short sale encourage more underwater owners to put their house up for sale?[/quote]

Distressed properties (REO and SS) are about all we’re looking at. There’s not much on the market, and SSs are a good chunk of what’s there. A little patience is worth the huge amounts of money that you save in our opinion. Admittedly, we haven’t closed on anything yet. A key I think is getting an realtor that knows the SS process really, really well.

[Waiting to feel the magic]

[quote=ybitz]Can you still tour a house and/or make an offer on a short-sale house that is in contingent status? Or is it already too late at that point?[/quote]

We have offers on two SS right now. Both offers were made when there were other offers in front of ours, but I don’t believe the propties were contingent at the time. Months later we are still in the hunt for both properties.

[quote=ybitz]What’s the consensus on buying short sales these days? Too much hassle for the slim chance of getting a good deal, or worth pursuing? Will the new government program for short sale encourage more underwater owners to put their house up for sale?[/quote]

Distressed properties (REO and SS) are about all we’re looking at. There’s not much on the market, and SSs are a good chunk of what’s there. A little patience is worth the huge amounts of money that you save in our opinion. Admittedly, we haven’t closed on anything yet. A key I think is getting an realtor that knows the SS process really, really well.

[SD Realtor]

Ybitz the viewing of any home is ultimately dtermined by the seller. If the home is contingent and you want to view it simply ask your realtor to check to see if it is available for showing.

Unfortunately the success of a short sale to me, falls 100 percent on the quality of the listing agent. If the listing agent sucks or has to much going on the short sale process will drag on and more then likely fail. The agent representing the buyer has little to no visibility into the diligence of the listing agent. For instance, we bid on a condo thursday at auction that was listed as a contingent sale on the mls. Of course it was good friend battiata who had it listed. I have many short sale offers in right now for various buyers and the contrasting quality for how the listing agents are performing is substantial. In a few cases I have warned my buyers that it is likely that the home will foreclose because the listing agent sucks. In other cases the listing agents are good. In one case, and I hate to say it the listing agent hired an outside negotiator to handle the deal, at the buyers expense, but that negotiator is being very diligent with very frequent updates. So again I cannot stress enough it is the quality of the listing side.

As far as making an offer on an already contingent home, there is nothing wrong with that. Many short sales have flaky buyers and as rates move more buyers will back out. It cannot hurt to try but keep expectations low.

[SD Realtor]

Ybitz the viewing of any home is ultimately dtermined by the seller. If the home is contingent and you want to view it simply ask your realtor to check to see if it is available for showing.

Unfortunately the success of a short sale to me, falls 100 percent on the quality of the listing agent. If the listing agent sucks or has to much going on the short sale process will drag on and more then likely fail. The agent representing the buyer has little to no visibility into the diligence of the listing agent. For instance, we bid on a condo thursday at auction that was listed as a contingent sale on the mls. Of course it was good friend battiata who had it listed. I have many short sale offers in right now for various buyers and the contrasting quality for how the listing agents are performing is substantial. In a few cases I have warned my buyers that it is likely that the home will foreclose because the listing agent sucks. In other cases the listing agents are good. In one case, and I hate to say it the listing agent hired an outside negotiator to handle the deal, at the buyers expense, but that negotiator is being very diligent with very frequent updates. So again I cannot stress enough it is the quality of the listing side.

As far as making an offer on an already contingent home, there is nothing wrong with that. Many short sales have flaky buyers and as rates move more buyers will back out. It cannot hurt to try but keep expectations low.

[SD Realtor]

Ybitz the viewing of any home is ultimately dtermined by the seller. If the home is contingent and you want to view it simply ask your realtor to check to see if it is available for showing.

Unfortunately the success of a short sale to me, falls 100 percent on the quality of the listing agent. If the listing agent sucks or has to much going on the short sale process will drag on and more then likely fail. The agent representing the buyer has little to no visibility into the diligence of the listing agent. For instance, we bid on a condo thursday at auction that was listed as a contingent sale on the mls. Of course it was good friend battiata who had it listed. I have many short sale offers in right now for various buyers and the contrasting quality for how the listing agents are performing is substantial. In a few cases I have warned my buyers that it is likely that the home will foreclose because the listing agent sucks. In other cases the listing agents are good. In one case, and I hate to say it the listing agent hired an outside negotiator to handle the deal, at the buyers expense, but that negotiator is being very diligent with very frequent updates. So again I cannot stress enough it is the quality of the listing side.

As far as making an offer on an already contingent home, there is nothing wrong with that. Many short sales have flaky buyers and as rates move more buyers will back out. It cannot hurt to try but keep expectations low.

[SD Realtor]

Ybitz the viewing of any home is ultimately dtermined by the seller. If the home is contingent and you want to view it simply ask your realtor to check to see if it is available for showing.

Unfortunately the success of a short sale to me, falls 100 percent on the quality of the listing agent. If the listing agent sucks or has to much going on the short sale process will drag on and more then likely fail. The agent representing the buyer has little to no visibility into the diligence of the listing agent. For instance, we bid on a condo thursday at auction that was listed as a contingent sale on the mls. Of course it was good friend battiata who had it listed. I have many short sale offers in right now for various buyers and the contrasting quality for how the listing agents are performing is substantial. In a few cases I have warned my buyers that it is likely that the home will foreclose because the listing agent sucks. In other cases the listing agents are good. In one case, and I hate to say it the listing agent hired an outside negotiator to handle the deal, at the buyers expense, but that negotiator is being very diligent with very frequent updates. So again I cannot stress enough it is the quality of the listing side.

As far as making an offer on an already contingent home, there is nothing wrong with that. Many short sales have flaky buyers and as rates move more buyers will back out. It cannot hurt to try but keep expectations low.

[SD Realtor]

Ybitz the viewing of any home is ultimately dtermined by the seller. If the home is contingent and you want to view it simply ask your realtor to check to see if it is available for showing.

Unfortunately the success of a short sale to me, falls 100 percent on the quality of the listing agent. If the listing agent sucks or has to much going on the short sale process will drag on and more then likely fail. The agent representing the buyer has little to no visibility into the diligence of the listing agent. For instance, we bid on a condo thursday at auction that was listed as a contingent sale on the mls. Of course it was good friend battiata who had it listed. I have many short sale offers in right now for various buyers and the contrasting quality for how the listing agents are performing is substantial. In a few cases I have warned my buyers that it is likely that the home will foreclose because the listing agent sucks. In other cases the listing agents are good. In one case, and I hate to say it the listing agent hired an outside negotiator to handle the deal, at the buyers expense, but that negotiator is being very diligent with very frequent updates. So again I cannot stress enough it is the quality of the listing side.

As far as making an offer on an already contingent home, there is nothing wrong with that. Many short sales have flaky buyers and as rates move more buyers will back out. It cannot hurt to try but keep expectations low.

[jpinpb]

I’ve made offers on short sales w/no word for months. I have an short sale offer that was accepted around Thanksgiving and still no word from bank. I offered asking, which I think was still higher than I think it’s worth. I keep looking and am not holding my breath.

[jpinpb]

I’ve made offers on short sales w/no word for months. I have an short sale offer that was accepted around Thanksgiving and still no word from bank. I offered asking, which I think was still higher than I think it’s worth. I keep looking and am not holding my breath.

[jpinpb]

I’ve made offers on short sales w/no word for months. I have an short sale offer that was accepted around Thanksgiving and still no word from bank. I offered asking, which I think was still higher than I think it’s worth. I keep looking and am not holding my breath.

[jpinpb]

I’ve made offers on short sales w/no word for months. I have an short sale offer that was accepted around Thanksgiving and still no word from bank. I offered asking, which I think was still higher than I think it’s worth. I keep looking and am not holding my breath.

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