Short Sale madness, I am the backup?

Tips and Deals Forums Buying Your Home Buying Your Home Short Sale madness, I am the backup?

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 7 months ago.

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    I entered a short sale as a primary backup offer, i was told the primary was very “iffy” well now the original buyer is gone. The seller formally reject their offer in words. Here is were it gets good.

    The short sale is 100% approved now problem is the hud 1 was submitted 5k above my offer in the other persons name (my offer accepted by buyer) literally putting it outside of my price range. My listing agent is trying to find 5k in extras as they were FHA and i am conventional.

    what they offered:
    4% to closing cost
    FHA fees payed as well
    misc. Contingencies related to FHA loan

    what I offered:
    3% to close
    Conventional loan with 60k down
    No Contingencies

    I am under the impression that one. the Hud 1 will have to be resubmitted in my name. 2 at my price.

    I need more info i don’t really trust my agent because i think she is trying to “fluff” her commission and is not looking out for my best interest. I have seen people asking for promissory notes from the seller, asking agents to lower their commission.

    What should I/can I do?
    Ok, after today. Sorry but my agent is on the hunt for the easy out. I forgot to mention we got in on the tail end of the short sale it has only taken 2-3 months to get this for for me. My agent called me today and said, “we found $ 1200 dollars in items you won’t need” of the $ 1200, $ 450 are actual fees that i wouldn’t need the other $ 750 are the amount that is held in escrow towards back HOA fees. Which would be payed after escrow closes back to me under normal circumstance.

    So, i asked her:
    1. don’t we have to resubmit HUD no matter what

    2. why can’t we resubmit at what my accepted offer is

    She replied well yes we do but it might take another month to get through the bank.

    I don’t know what to say, 5k more breaks the bank for me as this would be my primary residence but my 2nd mortgage i would be carrying. I am keeping my current home for rental.

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