Home Buying in Illinois>Question Details

voga312, Home Buyer in Palm Beach, FL

Estate property going into Short Sale status soon due to low offers/no offers...

Asked by voga312, Palm Beach, FL Tue Jan 1, 2013

Theres a property that is listed below market value so says the estate, has been sitting on the market for over 4 months because of the high asking price for the condition of the home, its pretty rough not terribly bad thou, does need a lot of repairs, major repairs include roof, sump pump, new windows and so on, everything else is cosmetic floors, kitchen, bathroom. This property is going to go on the market as short sale soon, and i have been informed that 1 offer is now on the table but its a short sale offer. What is a good offer? Does the bank consider all the major repairs such as roof which is structural damage in negotiating? Its an elderly couples home and no repairs were ever done.

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If the MARKET PRICE is too high based in the CONDITION/REPAIRS, then it is not the MARKET PRICE!!!

A CMA or an APPRAISAL will take these things into consideration.
Normally, the Bank will take these into consideration too; but not always:
The Banks lately, have been a little shortsighted and selfish with their Shortsales; they figure they can make more with an REO.
Making a LOW-BALL offer is not the way to a Bank's heart; it pretty much has to be reasonable.
Have your Realtor do a CMA and include it with your Offer.
0 votes Thank Flag Link Tue Jan 1, 2013
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