I know buyers are frustrated with the Short Sale process and I am too. Many buyer’s have decided the best way to insure that they will eventually get a house is to put multiple offers in on multiple houses. This is probably a good idea but you better make sure that you withdraw your offer on all of the other homes as soon as you have an acceptance from the bank, because otherwise you have just bought two homes.
It is very frustrating to finally find a house you like then have to wait many months and still not know if you even will get the house or not. The best advice is to go into the process without emotions and try not to get attached to a certain house. The likelihood of you getting the first house you put an offer in on is not too high in my recent experience. I have many clients that have 3 or 4 offers on short sales and we are just waiting to see who comes back first. In the meantime, some of the banks are still taking offers and if they are higher, then they bump out the original offer. So, even if you have submitted a strong offer and you were first, it still doesn’t mean the bank will choose your offer. Make sure to ask the listing agent how they are handling multiple offers. It would be really disappointing to wait 3 months and at the end find out that you were just bumped out because a better offer came in.
Good Luck out there, it is a rough time for buyers, even though they say it is a buyer’s market.
Avg. Sales Price: $295,780
Avg. Days on Market: 137
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