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  • June 16, 2009 at 5:12 PM #417235
    DataAgent
    Participant

    If you complete a short sale in 3 months, the stars are certainly aligned in your favor.

    There is no ‘standard process’ for a short sale, so your questions are tough to answer. You’re asking these questions on the right forum though. Someone a lot smarter than I will have the answers. Good luck.

    June 16, 2009 at 5:41 PM #416520
    SD Realtor
    Participant

    sdr`does more shorts then I but here is my experience.

    Currently I have two short sales listed. Both of them are excruciating. We have been at it about 7 weeks now. One is very close to acceptance by both lenders and the other is not. I have had to have alot of contact with each lender for each transaction.

    ********

    The answer to your number 1 question is not much. Has the property been moved to contingent status or not? If your offer was accepted by the seller then it should be in contingent status. If not then you are the highest offer for now but you can be hopscotched. However it consumes time when new offers are shot into the lender. What you do not know is will the listing agent collect offers and then when the negotiator is on the cusp of accepting yours, will the LA tell the negotiator oh I have some more offers.

    Number 2 question it is standard to submit 1 offer.

    One of the MLS rules for contingent status state that if the offer is accepted by the seller and sent into the lender then the property should be in contingent status.

    However there are other provisions for when a property shall be moved to contingent status. Your agent should be able to quote them to you.

    While your offer is the highest and best it doesnt sound like it is accepted by the sellers yet. That is what you can do to add some security to your position. I would focus on that immediately if it is not already done.

    June 16, 2009 at 5:41 PM #416758
    SD Realtor
    Participant

    sdr`does more shorts then I but here is my experience.

    Currently I have two short sales listed. Both of them are excruciating. We have been at it about 7 weeks now. One is very close to acceptance by both lenders and the other is not. I have had to have alot of contact with each lender for each transaction.

    ********

    The answer to your number 1 question is not much. Has the property been moved to contingent status or not? If your offer was accepted by the seller then it should be in contingent status. If not then you are the highest offer for now but you can be hopscotched. However it consumes time when new offers are shot into the lender. What you do not know is will the listing agent collect offers and then when the negotiator is on the cusp of accepting yours, will the LA tell the negotiator oh I have some more offers.

    Number 2 question it is standard to submit 1 offer.

    One of the MLS rules for contingent status state that if the offer is accepted by the seller and sent into the lender then the property should be in contingent status.

    However there are other provisions for when a property shall be moved to contingent status. Your agent should be able to quote them to you.

    While your offer is the highest and best it doesnt sound like it is accepted by the sellers yet. That is what you can do to add some security to your position. I would focus on that immediately if it is not already done.

    June 16, 2009 at 5:41 PM #417018
    SD Realtor
    Participant

    sdr`does more shorts then I but here is my experience.

    Currently I have two short sales listed. Both of them are excruciating. We have been at it about 7 weeks now. One is very close to acceptance by both lenders and the other is not. I have had to have alot of contact with each lender for each transaction.

    ********

    The answer to your number 1 question is not much. Has the property been moved to contingent status or not? If your offer was accepted by the seller then it should be in contingent status. If not then you are the highest offer for now but you can be hopscotched. However it consumes time when new offers are shot into the lender. What you do not know is will the listing agent collect offers and then when the negotiator is on the cusp of accepting yours, will the LA tell the negotiator oh I have some more offers.

    Number 2 question it is standard to submit 1 offer.

    One of the MLS rules for contingent status state that if the offer is accepted by the seller and sent into the lender then the property should be in contingent status.

    However there are other provisions for when a property shall be moved to contingent status. Your agent should be able to quote them to you.

    While your offer is the highest and best it doesnt sound like it is accepted by the sellers yet. That is what you can do to add some security to your position. I would focus on that immediately if it is not already done.

    June 16, 2009 at 5:41 PM #417086
    SD Realtor
    Participant

    sdr`does more shorts then I but here is my experience.

    Currently I have two short sales listed. Both of them are excruciating. We have been at it about 7 weeks now. One is very close to acceptance by both lenders and the other is not. I have had to have alot of contact with each lender for each transaction.

    ********

    The answer to your number 1 question is not much. Has the property been moved to contingent status or not? If your offer was accepted by the seller then it should be in contingent status. If not then you are the highest offer for now but you can be hopscotched. However it consumes time when new offers are shot into the lender. What you do not know is will the listing agent collect offers and then when the negotiator is on the cusp of accepting yours, will the LA tell the negotiator oh I have some more offers.

    Number 2 question it is standard to submit 1 offer.

    One of the MLS rules for contingent status state that if the offer is accepted by the seller and sent into the lender then the property should be in contingent status.

    However there are other provisions for when a property shall be moved to contingent status. Your agent should be able to quote them to you.

    While your offer is the highest and best it doesnt sound like it is accepted by the sellers yet. That is what you can do to add some security to your position. I would focus on that immediately if it is not already done.

    June 16, 2009 at 5:41 PM #417246
    SD Realtor
    Participant

    sdr`does more shorts then I but here is my experience.

    Currently I have two short sales listed. Both of them are excruciating. We have been at it about 7 weeks now. One is very close to acceptance by both lenders and the other is not. I have had to have alot of contact with each lender for each transaction.

    ********

    The answer to your number 1 question is not much. Has the property been moved to contingent status or not? If your offer was accepted by the seller then it should be in contingent status. If not then you are the highest offer for now but you can be hopscotched. However it consumes time when new offers are shot into the lender. What you do not know is will the listing agent collect offers and then when the negotiator is on the cusp of accepting yours, will the LA tell the negotiator oh I have some more offers.

    Number 2 question it is standard to submit 1 offer.

    One of the MLS rules for contingent status state that if the offer is accepted by the seller and sent into the lender then the property should be in contingent status.

    However there are other provisions for when a property shall be moved to contingent status. Your agent should be able to quote them to you.

    While your offer is the highest and best it doesnt sound like it is accepted by the sellers yet. That is what you can do to add some security to your position. I would focus on that immediately if it is not already done.

    June 16, 2009 at 6:16 PM #416525
    sdrealtor
    Participant

    Let’s just say excruciating times 20. I dont have the energy to say anymore tonite…….

    June 16, 2009 at 6:16 PM #416762
    sdrealtor
    Participant

    Let’s just say excruciating times 20. I dont have the energy to say anymore tonite…….

    June 16, 2009 at 6:16 PM #417023
    sdrealtor
    Participant

    Let’s just say excruciating times 20. I dont have the energy to say anymore tonite…….

    June 16, 2009 at 6:16 PM #417091
    sdrealtor
    Participant

    Let’s just say excruciating times 20. I dont have the energy to say anymore tonite…….

    June 16, 2009 at 6:16 PM #417251
    sdrealtor
    Participant

    Let’s just say excruciating times 20. I dont have the energy to say anymore tonite…….

    June 16, 2009 at 6:50 PM #416535
    JerseyGrl
    Participant

    In short sale negotiations, how advantageous is an all cash offer (a reasonable offer)?

    June 16, 2009 at 6:50 PM #416772
    JerseyGrl
    Participant

    In short sale negotiations, how advantageous is an all cash offer (a reasonable offer)?

    June 16, 2009 at 6:50 PM #417033
    JerseyGrl
    Participant

    In short sale negotiations, how advantageous is an all cash offer (a reasonable offer)?

    June 16, 2009 at 6:50 PM #417101
    JerseyGrl
    Participant

    In short sale negotiations, how advantageous is an all cash offer (a reasonable offer)?

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