Yes. I had a short sale at the end of last year where the listing was priced at $450K and the bank approved his offer at $420K plus 3% of the sales price in closing costs. It was a VA loan therefore, he was entitled to ask for up to 4% (which he did) but the bank would only approve 3%. He agreed to that. It turns out, he actually got nearly $3000 back at the settlement table.

So, take your chance and see what happens. But be flexible if the bank comes back to negotiate a different number. You never know. You could get a real bargain!

Rachel Carter, AREP, ESRES
Coldwell Banker Residential Brokerage
rcarter@cbmove.com

It sure can and it's the frustrating part of the Short Sale Process. There is not a Buyers Agent, Listing Agent, Seller or Short Sale Specialist who can guarantee you the price won't change.

Any home buying looking for a home who considers writing a contract on a Short Sale needs to be flexible in price. Make sure your pre-approved for a higher sales price. Make sure you will still be able to afford the home if the interest rates adjust upwards. Remain flexible on settlement.

These are the buyers who are winning short sales.

Peggy James
Exit 1st Choice
Woodbridge VA 22192
703--851-3085

Absolutely since the sale is contingent on lender's approval. The lender will either get a Broker's Price opinion (BPO), appraisal or both. From that number the "fair market value" is established and depending on what kind of loan it is, the lender needs to net a certain percentage of that fair market value (FMV)
Since we are still in a deflating market in most parts of the country, more than one BPO may be ordered by the lender. That's why the FMV is so important to get a short sale closed.

Yes - and usually it happens 30 days into the process once the bank runs a BPO.

The problem with most short sales is that the listing agent prices them too low and the banks simply wants market value for the home.

Jimmy Mulhern