[winterbebe7]

So my fiance and I just put a bid in on a short sale that had previously had a buyer that had gone 2 months in to the process and decided to back out because it was taking to long. The house is listed at 109,999 and we bid 105,000. The house has only been re listed for 12 days when we put our bid in and when we talked to the home owner she said there had only been one other person to see it since it had been listed. we put our bid in the following day. The listing agent called our agent adn said that there were 4 more offers and of all 5 bids our's was the lowest, and asked if we wanted to increase our bid we said no we are firm on this price, this was four days ago but they have niether accepted nor rejected our offer. Now we don't have any time constraints and can wait as long as it takes so our agent said that may work in our favor. our agent also said she had never worked with this listing agent and that it could be possible that we are actually the highest bid and that he just wants to make us bid higher so he can make more money. How likely is this? and if our bid was truely the lowest would they still keep it this long? I really want to know what my chances are of getting this house and is it wise to raise our bid or not.

[Driller1]

Originally Posted by winterbebe7

So my fiance and I just put a bid in on a short sale that had previously had a buyer that had gone 2 months in to the process and decided to back out because it was taking to long. The house is listed at 109,999 and we bid 105,000. The house has only been re listed for 12 days when we put our bid in and when we talked to the home owner she said there had only been one other person to see it since it had been listed. we put our bid in the following day. The listing agent called our agent adn said that there were 4 more offers and of all 5 bids our's was the lowest, and asked if we wanted to increase our bid we said no we are firm on this price, this was four days ago but they have niether accepted nor rejected our offer. Now we don't have any time constraints and can wait as long as it takes so our agent said that may work in our favor. our agent also said she had never worked with this listing agent and that it could be possible that we are actually the highest bid and that he just wants to make us bid higher so he can make more money. How likely is this? and if our bid was truely the lowest would they still keep it this long? I really want to know what my chances are of getting this house and is it wise to raise our bid or not.

https://www.city-data.com/forum/forec...rt-sales-reos/

Maybe someone on this forum can answer your question.

[dori36]

Without seeing your actual contract, I'm just shooting from the hip here, but there should be written, as part of the offer, the date that the seller has to respond to your offer. If that is in the contract, and the time has elapsed, the contract is no longer valid - at least in theory. No doubt, an unscrupulous seller agent may be trying to get you to "bump" up by lying about another offer.

Once an offer is accepted by the seller, on a short sale, the bank, then, has to also accept the offer. That, besides the longer than normal timeline for getting the loan to the buyer in place, accounts for the long waits on short sales.

I'd suggest you ask your agent to be a bit more aggressive and to be sure that the sellers' agent actually presented your offer to the sellers. Even if their agent thinks your offer is lower than the client would accept, they are duty bound to present it. I'm curious why/how you had access to the homeowner? Are they friends or did you contact then outside of their agent somehow? If they're friends, ask then if your offer has been presented. If not, they can get on their agent and get things moving. I'd wait to raise your bid until you have an actual response from the seller in writing. If they respond at a higher price, or reject it out of hand, you can either raise it at that time or walk away. Your call! Good luck!

[dori36]

So, I'm curious how everything is working our and if you've found out anything on your offer?