short sale a home
What are my chances of getting short sale home?
I put in an offer for a short sale. I offered the asking price. This is a home that is an unbelievable steal. We were the first ones to make an offer and the homeowner accepted. But we know many others will also be interested. I know that the process takes a long time as our realtor told us it would be 30 days before the bank even assigns the case to someone. If someone offered more than the asking price what are the chances we can increase our bid to get the house? Do you think I’ll get this house?
If you are patient you have a decent chance. The reason most short sales don’t happen is the buyers get tired waiting 2 or 3 months, or longer, for the lender to answer and move on and purchase another home. Also, about half the time the bank refuses the offer even if it a full price offer. The bank doesn’t play a role what the owner/seller and their agent lists the property for…..at best it is a crap-shot.
Due to laws passed by Congress in 2007 the sellers no longer have to pay taxes on short pay debt forgiveness, so sellers having to pay taxes shouldn’t be a factor anymore. But some, like the above answer never seem to get the word.
Naples, Florida Short Sale – Foreclosure Home for Sale