Hi Gwynedd1998. You've already gotten some GREAT advice from my colleagues below. One thing I wanted to emphasize for you is that banks typically ARE willing to negotiate with short sales. Indeed, while short sales result from an unfortunate situation from the homeowner's perspective, they create wonderful opportunity to the home purchaser, like yourself.

To ensure that your offer is prepared well (that is, that your rights are protected as much as possible), you need to hire a Realtor experienced not only in short sales but contracts as well. As a former practicing attorney, my clients appreciate the unique level of expertise and insight that I bring to assist them as they contemplate all of their options.

If you'd like to chat further about short sales -- or other homebuying opportunities -- please call me direct at (610) 324-5240. It would be my pleasure to assist you in any way that I can. (By the way, I grew up in the Boyertown School District so I'm intimately familiar with the greater Gilbertsville area:)

Good luck & blessings to you!

Warmly,
Judy
Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience" http://www.JudysFineHomes.com http://www.CollegevilleAreaHomes.com
Judy.May@Century21.com
CENTURY 21 Alliance
2828 Audubon Village Drive
Audubon PA 19403
O: 610.666.0202 x. 226
C: 610.324.5240 (preferred)
F: 610.666.1942

Short sales and negotiating with banks are very different from typical resale homes. You need an agent that has successfully completed short sales in the last few months to be sure they can get the best deal for you.
I am a Certified Distressed Property Expert. I have successfully negotiated many short sales for buyers and I am formally trained in negotiating with banks.
Please give me a call and we can talk more about your future home.
Dennis Strange,CDPE
RE/MAX Premier
267-767-8558

Yes, normally Banks will negotiate with you, BUT it totally depends on the Bank and how long they have been dealing with the property. It can be a long-drawn out process and you really need to have an experience Realtor who knows the ropes to handle the stresses that come along with it. Once the Bank "approves" the short sale, a negotiator or case management/asset manager is assigned to the case. They will then work with the Seller's Agent to deal with all the contract negotiatons. Realize that when you are purchasing a "Short Sale" you are getting the property "As-Is".

Good Afternoon,

Short Sales are a sale when the bank is taking less for the property than is actually owed. For example...if a home is listed for 100,000 and the property owner owes $130,000 the bank is at this time negotiating a short sale. Also remember it is not just the payoff involved, there is transfer tax, tax certifications, and commissions involved so that bank is actually taking a loss of over the 30,000. Yes these sales are absolutely negotiable. I have secured many short sales for my buyers as well as represented seller's in short sales and not one sold for the asking price.

I'd be happy to explain the entire process to you and I am very familiar with the Gilbertsville Area.

Jennifer Daywalt, Realtor
Re/Max Results Realty
Top Realtor 2004, 2005, 2006, 2007, 2008
610-999-7693 - Direct
610-489-7355 Main
Sellinghomesjenn@aol.com

Hello Future Home Buyer,
Let me start off by saying its my theory that everything in life is negotiabe. it has been my experience that banks are more willing to negotiate as opposed to sellers as they just want the asset of thier books most of the time. You are correct about the as is condition and should make your offer reflect the work that needs to be done. The only downfall with short sales is that depending on the lender there may be a back log and it will require some patience as it could be a while before the bank responds. If you like, you can send me the info on the property your interested in to LeeStiber@kw.com and I would be more than happy to give you my thoughts.

The definition of a short sale is when a bank is willing to take less than what is owed to them by the homeowner. If it says "short sale", the listed price already represents a loss to the mortgage company. They usually have a broker do a "price opinion" which gives them the value of the home - "as is", meaning they see what has sold in the area at what price and then discount that price for the amount of work that has been done. So, to make a long story short, the price should already have taken into account, the cost to restore the home to a liveable condition. Will they take a lesser amount? Sometimes. Same as when a homeowner is selling their own home. Sometimes they will take less, sometimes not. Because these types of sales are more involved, it would be best to have a Realtor involved, one that is familiar with short sales, to help you through this.

I do work in the Gilbertsville area and in fact, I also have a "short sale" listing in Gilbertsville. I would be more than happy to discuss this property or the short sale process in general if you'd like. Just call me. You can reach me in our Douglassville office on 610-385-2400.