So as some may have seen, we saw a house yesterday that we LOVE but that we are not sure we actually WANT, but its in that very first step of the short sale where they toss up the listing, gather a bunch of offers, and ship them to the bank to see what happens.
Here is my high level understanding of the SS process:
1) Listing goes up
2) Realtor gathers a bunch of offers and throws them at the bank saying "here is what people will pay for this, so we will sell for that much and then GTFO, plz approve"
3) Bank says DOODLYDOODLYDOODLY for however many months eventually gets back to the person and eihter says no, pay up or we'll foreclose on your or sure, we'll take that offer.
4) If the answer is yes, Realtor goes back through the offers, tosses the ones that are out of the question, goes through the list of the best ones, starts calling at the top and saying "We'll take it" until someone replies "great, we still want it".
5) everything else basically normal transaction on the buying side.
Questions -
I remember someone (SGIP?) saying that short sales are happening a lot faster now. How fast? Whats the average time on these now?
Do I have to submit an offer now for the realtor to call me later, or can I call her and be like "hey, we were planning on waiting a year to buy, but we kinda like this, but we don't want to waste a realtor's time to write an offer when we won't be seriously shopping for another 8 months, can you just call me when it goes through at the bank?" <-- annoying? Bothersome? She'll laugh and say no because there were other interested people already? And like I said - we might decide we don't want not it, but what I don't want to happen is to decide in 3 months that we do want it and find out we missed the boat because we didn't put an offer in at this point. But I mean, heck what's the standard at this point in the process? I can't imagine very many people who are seriously looking NOW are still going to be around when all the paperwork comes back through.
Here is my high level understanding of the SS process:
1) Listing goes up
2) Realtor gathers a bunch of offers and throws them at the bank saying "here is what people will pay for this, so we will sell for that much and then GTFO, plz approve"
3) Bank says DOODLYDOODLYDOODLY for however many months eventually gets back to the person and eihter says no, pay up or we'll foreclose on your or sure, we'll take that offer.
4) If the answer is yes, Realtor goes back through the offers, tosses the ones that are out of the question, goes through the list of the best ones, starts calling at the top and saying "We'll take it" until someone replies "great, we still want it".
5) everything else basically normal transaction on the buying side.
Questions -
I remember someone (SGIP?) saying that short sales are happening a lot faster now. How fast? Whats the average time on these now?
Do I have to submit an offer now for the realtor to call me later, or can I call her and be like "hey, we were planning on waiting a year to buy, but we kinda like this, but we don't want to waste a realtor's time to write an offer when we won't be seriously shopping for another 8 months, can you just call me when it goes through at the bank?" <-- annoying? Bothersome? She'll laugh and say no because there were other interested people already? And like I said - we might decide we don't want not it, but what I don't want to happen is to decide in 3 months that we do want it and find out we missed the boat because we didn't put an offer in at this point. But I mean, heck what's the standard at this point in the process? I can't imagine very many people who are seriously looking NOW are still going to be around when all the paperwork comes back through.