Real Estate Lingo Translation

[John Phippen]

Hi, I'm John and even though I'm continually looking, I'm still a newbie.  And, no, this isn't my introduction.  I've found a home within 2 hours from my home and I emailed the listing agent about it.  Her reply was as follows:

"The house is still for sale, it's a short sale and we have offers in but the bank is very slow to respond. The lot is .60, the house needs some work and the asking price is $51,000. The offers that are in are good offers, it's all in the banks hands."

I'd like to email her back with a bunch of questions, but I don't want to sound too much like the newbie that I am.  Thus my post, today.

She says they have offers in.  Does that mean other potential buyers have asked her to put offers in?  Then, she tells me the price which makes me think there's still a chance for me to put in an offer.  And then she tells me that the offers in are all good ones.  Notice the plural on offers.

What I'd like to do is go tour it so that I can see the condition and finish analyzing the deal, but I don't really want to ask if I can arrange a tour if there's no hope.  (It's a pride thing--you know--I'm trying not to look too stupid.  I can look stupid here at BP, because you're all family, right?)

The home is in a college town and I could potentially rent it to college students.  There aren't many hotels/motels in the area, either, so I could also potentially make it a vacation rental for parents coming in to see their kids.  It's on a deep lot, so I could potentially make it a flag lot, build another structure on the new lot and do both (renting to students and to vacationers).

So, anyone speak the short sale dialect of real estate agentese who could help translate for me and save my pride?

[John Gamboa]

@John Phippen, There are no stupid questions here and lots of helpful, kind, people. And I've found that there are no stupid questions for some Realtors, especially agents that deal with first time homebuyers or first time investment homebuyers. They are glad to help.

In my opinion, the fact that it's a short sale has little relevance because you're going to submit an offer through an agent just like all the other interested buyers for houses. The bank put the house on the market with a Realtor for a price they want. $51k. Just like a homeowner would when they have a Realtor list their house for sale. 

Plural & "good" offers in means there are offers already submitted either through her or through another agent representing the buyers. Those offers are in the bank's hands to review to see which one they want to accept, counter, or reject. They are most likely within the price range the bank is looking to sell the house for, probably all cash, and probably with little or no contingencies.

If you think there's a chance, go over your deal and numbers, and if you feel good about it, then make the offer. What's the worst that can happen? It gets rejected - NEXT! Find another house to make an offer on.