.

Short Sales Buyers Can Simultaneously Bid on Multiple Properties -- Not!

Short Sale Buyers Can Simultaneously Bid on Multiple Properties -- Not!

Since short sales comprise approximately seventy-five percent of the $100,000 to $200,000 condos I sell, I've had an opportunity to counsel many a buyer, both first-time and seasoned, in the intricacies of writing and submitting an offer to purchase. http://goo.gl/T7O2i, http://goo.gl/NQAw0

Until recently, lenders routinely took three to six months to respond to a short sales offer. Even then, the bank could accept, counter-offer, or reject a buyer's offer. This excruciatingly-slow pace caused buyers to question the legitimacy of remaining in limbo when they could be placing written offers on multiple properties. 

Lake Zurich Real Estate attorney Randy Heidenfelder specializes in short sales. "In any contract, each party is presumed to be acting in good faith. You're expected not to be cheating, fraudelent, or double dealing. If your first offer is accepted and you back out of the second one, you could be in breach of contract, with whatever default provisions apply because you were not acting in good faith." heidenlaw@me.com

Recently, some banks including Wells Fargo http://goo.gl/Z4x9m and Chase http://goo.gl/PrBCq have increased their response time to an estimated thirty-five days, provided the seller has submitted updated financial information to the loss mitigation department, and pre-foreclosure sale counseling is completed.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »