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Buying my first real estate..

LikeAnOceanLikeAnOcean Posts: 7,718
edited May 2012 in All Encompassing Trip
Found a condo I really like and just put in my offer, but found out there's another potential bidder. The place is a short sale and after hearing there was another person interested I raised my bid to the price the seller was asking, which is still dirt cheap.


6 months on the market and there happens to be someone else wanting it at the same time as me. :/


How does this usually work, will there a be a bidding war or does the seller just take the best first offer?
Post edited by Unknown User on

Comments

  • Jamminonthe1Jamminonthe1 Posts: 1,243
    In a short sale situation it's actually up to the bank, not the seller. The bank has to actually agree to do this and could drag this on for a while. Whenever we looked at something that was priced too good to be true it was a short sale and we walked away for that reason. But if you don't mind waiting, then it's worth a shot. Good luck!
  • LikeAnOceanLikeAnOcean Posts: 7,718
    Jamminonthe1 wrote:
    In a short sale situation it's actually up to the bank, not the seller. The bank has to actually agree to do this and could drag this on for a while. Whenever we looked at something that was priced too good to be true it was a short sale and we walked away for that reason. But if you don't mind waiting, then it's worth a shot. Good luck!
    They just dropped the price by 10k last week. It's actually been dropping every few months, so it sounds like they are in a hurry to unload it.
  • Jamminonthe1Jamminonthe1 Posts: 1,243
    Of course they are because if the bank agrees to take less than they owe, they (in a way) "make out on the deal."
  • amethgr8amethgr8 Posts: 766
    the seller will either request "highest and best" from each buyer then go to the bank with the best offer;
    or they will choose to negotiate with one offer, the better one.

    keep in mind that if you asked for seller concessions, i.e. 2k towards closing costs, that comes off the top of what is going to the bank.

    yes, it is a long process. legislation is working on imposing a time frame for banks to give response to short sale offer submissions.

    amy
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  • LikeAnOceanLikeAnOcean Posts: 7,718
    Got the place.. Only 89k for a condo that sold for 181k in 2003..


    Just gotta be patient with the bank now. Been told it might take a few months.. I think I'm ok with waiting as much as the rest of this year, being month to month at my current rental..
  • ShimmyMommyShimmyMommy Posts: 7,505
    LikeAnOcean wrote:
    Got the place.. Only 89k for a condo that sold for 181k in 2003..


    Just gotta be patient with the bank now. Been told it might take a few months.. I think I'm ok with waiting as much as the rest of this year, being month to month at my current rental..

    Congratulations :mrgreen:
    Lots of love, light and hugs to you all!
  • Indifference71Indifference71 Chicago Posts: 14,874
    LikeAnOcean wrote:
    Got the place.. Only 89k for a condo that sold for 181k in 2003..


    Just gotta be patient with the bank now. Been told it might take a few months.. I think I'm ok with waiting as much as the rest of this year, being month to month at my current rental..



    Congrats buddy. A couple friends of mine just picked up condos in the Chicago area for right around 100K. A lot of deals out there.
  • MayDay10MayDay10 Posts: 11,784
    congrats. I was going to say, if you hit the asking price with no conditions, you probably got it.

    I just bought my first house last year. It is really an awesome feeling when you get the keys.... another awesome feeling when you make the place into your own.
  • pandorapandora Posts: 21,855
    LikeAnOcean wrote:
    Got the place.. Only 89k for a condo that sold for 181k in 2003..


    Just gotta be patient with the bank now. Been told it might take a few months.. I think I'm ok with waiting as much as the rest of this year, being month to month at my current rental..
    Everything falling into place! :thumbup:

    Congratulations again! :D
  • polaris_xpolaris_x Posts: 13,559
    what are condo fees like?
  • LikeAnOceanLikeAnOcean Posts: 7,718
    polaris_x wrote:
    what are condo fees like?
    175 association fee.. 159 taxes..
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