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#424199 - 05/24/13 10:39 AM Does this mean we can place a bid?
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
Practically the very first house we looked at and loved and placed a bid on but lost has just had it's short sale price drop from $179K to $160K. It has been pending for about a month. It now has added to the description

"Home needs new roof, new sub floor and thorough cleaning and repairs in crawl space! Please bring out your contractor to provide bids/estimates."

It still says pending though so why is it asking for people to bring their contractors if it hasn't changed to active status? Does this mean the current bid is having a contractor come out and others can too?

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#424204 - 05/24/13 11:27 AM Re: Does this mean we can place a bid? [Re: Mapper]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7447
Loc: Vermont's North-East Kingdom
But isn't your $206,000 Offer on another house still outstanding and subject to acceptance by that Seller ?

I'd make sure each Offer is disposed of so that you don't wake up and suddenly find yourself legally obligated to purchase more than one.

Having multiple outstanding Offers on different properties is a surefire way to start losing Good Faith Deposits; but some people like to play Russian Roulette too.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#424207 - 05/24/13 11:33 AM Re: Does this mean we can place a bid? [Re: Mapper]
Artiste Offline
Major Contributor

Registered: 06/12/06
Posts: 2367
Loc: Arizona Bay
Vermie, she can back out without penalty during the contingency period and keep her deposit.
_________________________
Let's take back the real estate between our ears and get green like a sonofa$%^&*

NAFTA is over!!
(if you want it)


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#424213 - 05/24/13 11:54 AM Re: Does this mean we can place a bid? [Re: Vermont]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
Nope, we already lost out on the other house as we assumed we would.

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#424214 - 05/24/13 11:54 AM Re: Does this mean we can place a bid? [Re: Artiste]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7447
Loc: Vermont's North-East Kingdom
Originally Posted By: Artiste
Vermie, she can back out without penalty during the contingency period and keep her deposit.

Is that how Contracts are written in Washington ?

I wouldn't know. I'm very close alphabetically; but far away geographically, and don't know how many Offers you can feel comfortable having outstanding there.

Alls I know is that I once had a Buyer with only $500 available for Good Faith Deposits and when one of his multiple Offers was accepted, the subsequent Offers went sour and Checks bounced and racked up NSF Bank Fees and created angry Agents and Sellers all over thunderation.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#424235 - 05/24/13 02:09 PM Re: Does this mean we can place a bid? [Re: Vermont]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
Found out we came in 2nd to the cash offer on that house! Coming in 2nd to a cash offer is pretty much like coming in last isn't it? There's no way a cash buyer on a non short sale house is going to back out is there?

In any case, back to my original question if anyone can answer on this other house. What does it mean when the price dropped dramatically, it's still pending, but there's the description of what needs to be done and bring in your contractor to bid/estimate? The current potential buyers backed out or are still contemplating or what?

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#424240 - 05/24/13 03:51 PM Re: Does this mean we can place a bid? [Re: Mapper]
Dodger52 Offline
Member

Registered: 10/14/11
Posts: 266
Loc: Montana
If I remember right you are going to be using an FHA or VA mortgage. Because of the repairs needed this house will most likely not meet FHA or VA guidelines.

In answer to your question you can make an offer on any home at anytime before it closes, but the seller may not be able to legally accept it. It sounds like maybe the contract that is on this may be a little shaky, the listing agent may be trolling for backup offers. If you were a cash buyer I would say now is a good time to put in a backup offer, so that you are first in line when the current contract falls. Because you are looking at a mortgage this house probably isn't an option.

If the foundation and the roof need repair, you can be pretty sure that there is damage in between from the lack of maintenance.
_________________________
Dodger52 (Chris)
Prudential Montana Real Estate
www.MT-RE.net
www.facebook.com/MissionValleyMTHomes

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#424243 - 05/24/13 05:08 PM Re: Does this mean we can place a bid? [Re: Dodger52]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
Now I am a bit mystified. I emailed the listing agent on the house that just went down $20,000 and asks to "bring your contractor for estimate/bids" I told him that we have been keeping our eye on it and saw that this new development had occurred and asked if it was going back to active and accepting new bids. His only response was "Sorry, we do not accept back up offers". Okay...I get that but can we not place a new bid? Why was this added to the description then but left as pending status? It seems to be asking for people to come in with new bids but he is saying they don't accept backup offers.

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#424244 - 05/24/13 05:16 PM Re: Does this mean we can place a bid? [Re: Mapper]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
I just emailed him this:

I understand that, but why did the listing price go down say to bring out your contractor to provide bids and estimates? Is the property going back to active? Can we place another bid on it?

His simple response was "No, sorry." That's it! He has not explained to me why this description was added to the listing and why it went down in price and why they are asking for contractors to bid if the current buyers are buying it. Why would you list it at a lower price but not take any offers?

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#424261 - 05/25/13 07:08 AM Re: Does this mean we can place a bid? [Re: Mapper]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2189
Loc: Outer Banks
You have already bid on this house so the listing agent knows you need a va or fha loan. This house will not work with those loan programs because of the condition of the house and the listing agent knows it.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#424264 - 05/25/13 09:12 AM Re: Does this mean we can place a bid? [Re: Bigtoe]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
If that's the case, then why does it say in the listing that it will take cash, conventional OR fha loans? False advertising??

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#424272 - 05/25/13 11:39 AM Re: Does this mean we can place a bid? [Re: Mapper]
Artiste Offline
Major Contributor

Registered: 06/12/06
Posts: 2367
Loc: Arizona Bay
Not false advertising at all.

FHA-203 loans and conventional loans work. The conventional loan would require a greater downpayment if the home is a wreck.
_________________________
Let's take back the real estate between our ears and get green like a sonofa$%^&*

NAFTA is over!!
(if you want it)


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#424273 - 05/25/13 05:54 PM Re: Does this mean we can place a bid? [Re: Artiste]
Dodger52 Offline
Member

Registered: 10/14/11
Posts: 266
Loc: Montana
I am not an expert in these things, but it is possible that the listing agent adjusted the listing to reflect changes made to the original contract after the home inspection. Getting the lender to approve a short sale can often mean we have to jump through hoops that would not otherwise make sense. It sounds like they have a contract they are happy with, its best to move on and not put a lot more thought into it.
_________________________
Dodger52 (Chris)
Prudential Montana Real Estate
www.MT-RE.net
www.facebook.com/MissionValleyMTHomes

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#424275 - 05/25/13 07:44 PM Re: Does this mean we can place a bid? [Re: Dodger52]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
But then why do they say in the description to "bring your contractor for bids/estimates??

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#424286 - 05/26/13 12:41 AM Re: Does this mean we can place a bid? [Re: Mapper]
Dodger52 Offline
Member

Registered: 10/14/11
Posts: 266
Loc: Montana
I Know that it doesn't make sense to you as a buyer, but the bank will check to see that the seller has done everything they can do to get the highest bid, yet at the same time they don't care. There is a buyer in place that has decided they want this property no matter what, and now it has to be justified to the the bank. I don't want to get get to far off topic but the reality is a good short sale agent knows how to get a contract accepted. In today's world one and one does not always equal two.

I am not in a position to help you find a home, and I can not assist you because of the market that you are in, so do not misunderstand my intentions here, I think that somewhere in this process a good agent would have explained how the short sale system works. You have the best of intentions, to find a home for you and your family, and it disturbs me that it has to be this difficult for you.

In your situation you may not be in the best position to buy this home, but you can buy a home that will meet your needs and that you and your family will be very happy with. You have found plenty of houses in your search, but you need the assistance of a qualified agent to get you into one of them.

The more experienced agents on this forum may think that I have lost my mind; (and I might have, in 23 years I think I know how to spot a buyer) but it concerns me that you have gotten this far in the process and not had the basic questions answered, so here is my offer... 30 minutes of my time and anyone else on the forum that wants to join us, we will discuss what you want and how to get it. If the others can join us we can do a Skype conference, no one in the conference can collect a referral or get paid in any way. Its just straight answers to your questions, for the sake of helping you out. It sounds a little strange, but those of us that participate will learn more from you then you will from us. I know at least three members of this forum that will jump at the chance to do this. Let me know and I will set it up!

MODS: If I have violated any rules please let me know, my intention is not to cause problems. If this kind of thing would be a good addition to the forum contact me and I will do what I can to help you set it up.
_________________________
Dodger52 (Chris)
Prudential Montana Real Estate
www.MT-RE.net
www.facebook.com/MissionValleyMTHomes

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