HELP… I made a CASH offer yesterday on a home that is a short sale..?
I am in CA. I made a CASH offer yesterday on a home that is a short sale.. we have not heard anything (I know this whole thing is a LONG process but…) Then later today got an email update from another online realty website saying the price on the SAME HOME I PUT MY OFFER ON just went UP by $3000… So I checked all the other websites with homes listed, and they all have this price increase as well… This particular home was on the market since Jan 11th, and had gone DOWN by $5000 TWICE this week, once on the 10th of FEB and then again dropping another 5 Grand on the 14th….. only 6 days ago, and NOW it is going UP??? WTF?
What is going on?? Can they play around with multiple offers, (I was told I was the FIRST offer on the place) or do they have to honor/reply to mine and/or COUNTER OFFER first…. Then take it to their bank…???
Why would this happen, and why would it STILL be listed on websites if they got my offer? Does this mean they got the appraisal back or?
Alternately, I was going to bid on ANOTHER home last month that was a foreclosure, & NOW STILL HAS FOR SALE SIGN IN THE YARD, but my agent said it was in contract, meaning someone already put an offer on it… But that was 3 weeks ago and the FOR SALE sign is still there…
?????? Any input appreciated.. Thanks
Most of the time a property would still be listed even with an offer on the property. Someone back at headquarters don’t know what is going on in the field, as far as the price increase.
I am not sure what would happen in this scenario as once a short sale amount is approved this is normally the goal to sell the property. All the work has been completed to include what the lender would call an appraisal, this is one of the main ingredients to determine the asking price.
If there is an offer on the property most the MLS would then reflect that offer pending and a sale contract would cause the MLS to reflect sale pending.
Your real estate agent should have the answer to the question concerning the increase in the asking price, or should be able to find out the reason for the increase.
Even if there is an offer on the property you might always make a back up offer in the event the original offer fail to be completed. This is the case in many real estate transactions. Smart real estate agents would always accept a back up offer. This technique separate the truly professional real estate agent from those that are simply going through the motions.
I hope this has been of some benefit to you, good luck.
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