Foreclosure in Oak Creek>Question Details

Egmujica, Home Buyer in Los Angeles County, CA

I have just submitted an offer for $122,500 on a short sale listed at $108,800. There are multiple offers involved. Does the price i offered sound?

Asked by Egmujica, Los Angeles County, CA Thu Mar 25, 2010


Help the community by answering this question:


Hi there, I hope that you are working with an agent - she can help you gauge the strength of your offer. Sounds like this one was underpriced to get this type of action - not uncommon. While there will be a number of factors, the bank will surely consider the $$ at the top of the list.

Impossible for us to comment - sounds good, but we don't know where you stand in relationship to the other offers or how it stacks up against the comps.

Good luck,
Jeanne Feenick
Unwavering Commitment to Service
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0 votes Thank Flag Link Thu Mar 25, 2010
The offer is only one piece of the deal and the bank will appraise the property to confirm the value is there. If the bank thinks the price is two low, they will counter the transaction. However, they may not make this decision for months. The other part of the transaction is how many loans the owner has and how open those lenders are for a short settlement. The current situation with the owners assets or net worth will also be taken into consideration.

So it is hard to tell if that is a good offer or not. It depends on what is selling and what is currently on the market. There has been a lot of activity in this price range so there should be plenty of comparable sales that your buyers agent can review with you to give you a feel of current value.

Good Luck

Keith Manson

First Weber Group

Certified Distressed Property Expert
Metro Milwaukee
0 votes Thank Flag Link Thu Mar 25, 2010
It all depends what the hous eis worth in todays market. In most cases of short sales the bank is looking for an offering within 80% of what the owner owes. In order for the bank to consider anything outside of this percentage, the value of teh hous ein todays market needs to be very close to your offer. You will need to find out what the value of the house is in todays market through an appraisal or broker price opinion, that will better guide you. your buyer broker should be guiding you through this process. if you choose to go it alone, some questions to ask are: do they already have a negotiator assigned for the sellers mortgage company, have they already completed teh appraisal, those are the two most time consuming items. good luck with your offer
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0 votes Thank Flag Link Thu Mar 25, 2010
Depends--what is your agent suggesting--was the property listed on target for today market or slightly below--you need to be aware of recently sold similar properties in the immediate area--review the data, factor in expensive repairs, etc., then make your determination--keep in mind the bank(s) are looking to get as much money back as possible and the winner usually is the best offer and best terms--Your agent can best advise based on the number of offers and comps.
0 votes Thank Flag Link Thu Mar 25, 2010
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