Many times a buyer will tell me that they really love a home that is listed as a short sale and it already has an offer on it. Most of the time writing an offer on such a property gives you an opportunity to be in line so to speak for the property.
Often times a Central Oregon Short Sale listing will receive an offer, but for one of several reasons the transaction will fall apart. If you are in “back up position” or in a situation to get an offer in you will most likely be the next to be submitted to the bank for approval.
What are some of the reasons the first offer fails?
- Buyer found another home that is easier to close
- Buyer’s financing ability changed
- Bank did not approve price or terms
- Terms were not acceptable to the seller or the buyer
- Buyer wrote more than one offer and got the other property closed.
- Buyer did not approve a home inspection
- Seller could not or would not agree to repair something
Remember that when you are purchasing a short sale the seller gets nothing. Repairs are less than likely to be preformed, that does not mean you should not do a home inspection. In fact that means you should do an inspection, so you know exactly what you are purchasing.
If you are interested in buying a short sale or need to list your home as a short sale, I am available to assist you in the process.