Home Buying in San Diego>Question Details

Courtney, Home Buyer in San Diego, CA

Did I offer too low of a price for a pre-approved short sale for the bank to accept my offer?

Asked by Courtney, San Diego, CA Sat Jul 31, 2010

I just put in an offer of $275,000 for a pre-approved short sale that was listed at $295,000. House was appraised at $360,000. I didn't ask for seller to cover closing costs or anything additionally. I agreed to buy the house "as is." The seller has accepted the offer already. I believe they are very motivated to sell before this house goes into foreclosure. Did I offer the bank too low? Will they most likely accept my offer or not?

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4
I think they will most probably counter you with a higher price.
Banks are not willing to loose money in big chunks like that, and if the BPO says $360,000 I wouldn't think they'll give a 85K discount.
Although you never know!.. When the appraisal has been done and is it a cash deal?
You should probably hear something from them by now, but if you don't I wouldn't put all my eggs in one basket and keep looking at properties.
Good luck to you either way, and let me know if I can be of any assistance,
Khrystyna Chorna
Prudential California Realty
516 5th Ave,
San Diego, CA, 92101
tel: 619-808-7064
fax:619-702-9044
http://www.sandiegodowntowncondos.net
http://www.youtube.com/chornarealestate
1 vote Thank Flag Link Mon Aug 30, 2010
If it got appraised for 360k, the will most likely counter to that value. You will need to come somewhere around that value or they may not accept.

I just had a bank counter an offer to 360k and they accepted 340k. It's all about negotiation...

MY TEAM HAS OVER 100 PRE-LISTED FORECLOSURES AND WE ARE THE LISTING AGENT! - Please Email Me If you Are Looking For A Foreclosure In San Diego. Over 30 of them are FHA/VA Approved and Fully Renovated!

Hope this helps!

Patrick A. Hale, CDPE, RSD
Short Sale & REO Listing Agent
Associate Broker

"The Best Way To Predict Your Future Is To Create It"
Keller Williams Realty
Toll Free: (866) 538-6057 I San Diego: (619) 309-7883
Mobile/Text: (858) 539-6803 I DRE License # 01777558
Office: 4370 La Jolla Village Drive, Suite 400
San Diego, CA 92122

SHORT SALE EXPERTS WITH A MISSION TO:
"Help Over 360 Distressed Home Owners Avoid Foreclosure"
If You or Someone You Know is in Financial Distress Visit: http://www.SDRealEstate360.com
0 votes Thank Flag Link Tue Sep 7, 2010
You're pretty close to asking - and it depends on any other offers that the bank may have.
If you have cash, or pre-approval for a loan with a large down payment that will help.
Good luck!!
0 votes Thank Flag Link Tue Sep 7, 2010
The bank has 3 options: accept, reject, counter your offer.
0 votes Thank Flag Link Sat Jul 31, 2010
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