Order & Law, Short Sale Edition … Ripped From the Pages of the MLS

This dovetails nicely into a discussion I was having yesterday with a delightful Canadian couple, the fact that they’re from Alberta thoroughly irrelevant except for feeding the Google keyword monster as we’re oft prone to do.

When making an offer with a short sale there are a handful of possible answers a buyer can receive from the lender:

  1. Silence
  2. No
  3. Yes
  4. A qualified yes – yes, we’ll approve the short sale but at our price, not yours

Possibly falling into the latter category is a home on 158th Drive in Pebblecreek, an active adult community in Goodyear, spring training home of the Cleveland Indians and the Cincinnati Reds (full yet, Google monster?)

  • List price: $220,000
  • Sold price: $245,000

It’s possible the buyers offered $25,000 above the list price on their own. Then again, given the well-below-market list price, it’s also possible the bank said they’d accept the short sale but at their price – still a bit below market – not the buyers.

(Editor’s note: All mystery could be cleared up if I called the listing agent, but that would veer dangerously into the category of research and ultimately could ruin my premise, so I’ll stick with the accepted idea of poetic license.)

Poetic license or not, these situation do happen … a buyer of mine last year was quite pleased to learn the lender had accepted the short sale offer, at least until he learned the bank only would accept a price $12,000 above what he actually offered. When he tried to counter he was told, quite curtly, that counter offers weren’t welcome. The bank’s price was the bank’s price.

Incidentally, that answer took four months to receive … and he was offering cash and a quick close, at least as quick as the bank was able to manage.

Again, none of this is to say you as a buyer shouldn’t consider a short sale if the quirks still allow you to do what you need to do. I also wouldn’t say you shouldn’t consider swimming in a shark tank, should you feel you can defend yourself.

It’s just hard to recommend either course of action.

[tags]Phoenix real estate[/tags]

Jonathan Dalton

Jonathan Dalton is a 40-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.