I wish I could say yes, but it's only likely if the bank has already approved the price. If not, it will come down to the bank(s) and the negotiator. Some third party negotiators have devised systems which can get things done faster than many agents attempting to negotiate on their own.
Critical questions for your agent to ask, who is/are the lenders? Who will be negotiating the short sale? What is their experience/track record for getting approvals? What timeframe do they project?
If the listing agent is new to short sales or has a mixed bag of results, suggest they use a third party negotiator.
Buying short sales can be time consuming and stressful, but if you have the time and patience, you may be able to get a great deal on a home.
If you need any help, feel free to contact me.
They are not looking primarily at your offer. They are looking at why they should accept less than the seller owes. If the seller can't prove a change in circumstance or hardship, or if the bank thinks they can get more by foreclosing and selling it on their own, your offer will have little to do with their decsion.
Don't overbid it thinking it will go faster if you do. Spend time making sure it's a good value and expect the process to last about 90 days. If it goes fast, great! But if you offer full price and they answer in 90 days, you may feel badly that you offered that price if it did not get you the intended result.
We can never say how quick the answer will come. For the bank it all boils down to their Net Present Value on the property.
One key determinate of timing is whether or not the listing agent has an approval on the list price from the lender and if there is only one lender or if there is more than one lien on the property.
Good luck. Your best information will come from your Buyer's agent and the Listing Agent.
David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. email or call +1-7024997037 for FREE list . not a real estate agent
Suppose you go to an auction and there's a really nice widget for sale. If you went into a store to buy the widget, it'd cost $100. But there's a note on this widget saying that bidding starts at $5 and that it's a reserve auction--meaning there's a minimum price the seller will accept.
If you bid $5, will you get the widget? Maybe yes. Probably no.
That posted number may or may not reflect the true value of the widget. Same with a house.
There may be other people interested in buying the widget. They may be willing to pay more than you. Same with a house.
You don't know what the reserve is. Maybe (though unlikely) it's $5. It may be $20, or $50, or $75. If bidding doesn't get that high, the seller won't part with the widget. Same with a house. The lender has some figure in mind, and won't go below that.
And imagine if, after the auction, the auctioneer had to fax all the paperwork to the owner, who might take 3 weeks, or 3 months, or 6 months, to decide whether to accept your offer. That's how a short sale works.
So, no. You can't expect a relatively quick resolution.
Sterling Savings Bank - Home Loan Division
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As much as I'd like to say yes that a bank will respond faster if you give a full price offer, it's just not the case. Every bank has a different approach to their short sales. Work with your buyers agent closely and do market research to put the best possible offer in which best suits your needs.
Please feel free to call or email me if you have any questions.
Saviya Rowland, CIPS