Short Sale Bidding

S

strom

New member
Didn't really think I would be buying a home this soon, but a short sale came up in an area I have been looking at for some time. Anyone have a lot of experience with short sales? The bank on the first and second are both WaMu (now Chase).

I am not an all-cash buyer, so am setting up the financing approvals and geting my down payment ducks in a row. Based on the traffic at the open house and the discussion with the brokers, it seems this will get a fair number of offers (6-10).

Anything I should be thinking about in terms of the way the lender and the sale brokers would think about offers?
 
strom said:
Didn't really think I would be buying a home this soon, but a short sale came up in an area I have been looking at for some time. Anyone have a lot of experience with short sales? The bank on the first and second are both WaMu (now Chase).

I am not an all-cash buyer, so am setting up the financing approvals and geting my down payment ducks in a row. Based on the traffic at the open house and the discussion with the brokers, it seems this will get a fair number of offers (6-10).

Anything I should be thinking about in terms of the way the lender and the sale brokers would think about offers?
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Bid whatever you believe the home is worth without regard to how many other offers there may be out there.  Getting a Chase pre-approval won't make much of a difference as the financing department doesn't talk to the asset managers and vice versa.  As long as you'll be putting down 20%+ and using a conventional loan, you'll be in the same financial position as most other buyers.  Do remember a lot of "funny" stuff happen with short sales.  Good luck and keep us posted on how it goes.
 
I didn't mean I would be getting pre-approved with Chase - just through the best option via my mortgage broker (to convince the Seller/Servicer that there is some certainty of closure).
 
strom said:
I didn't mean I would be getting pre-approved with Chase - just through the best option via my mortgage broker (to convince the Seller/Servicer that there is some certainty of closure).
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As long as you have a legit pre-approval, you'll be good to go...won't put you in any better position as the other potential buyers will have to provide the same thing.  The seller gets nothing with short sales so many of them could care less what happens and who buys the home and that is why there are listing agents out there who take advantage of that situation. 
 
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