Home Buying in Greenfield>Question Details

Rick, Home Buyer in Greenfield, CA

How low should I consider offering on a Short-sale home?

Asked by Rick, Greenfield, CA Mon Apr 14, 2008

I am about to make an offer on a three (3) year old, 3 Bedroom, 3 full bath, 1,800 sf home in the city of Greenfield, CA. The home is currently a 'Short-Sale' and is going for $250k. In view of the fact that many speculate that homes may continue to decrease significantly (up to 25%), I am hoping to obtain advice on how much I should 'low-ball' my offer. Thanks!

Help the community by answering this question:


When it comes to short sales, I always advise my buyers to offer close to the asking price. The home is already in a deficit as far as how much is owed to the bank. Short sales are priced based on what the listing agent believes the bank will accept. I never "low ball" with short sales.
Web Reference: http://www.kraushouses.com
0 votes Thank Flag Link Fri Apr 8, 2011
1st of all...It is best to work with a buyers agent in your area
2nd... you have to remeber you are not just dealing with a seller in finacial trouble. The lender has the final say of the purchase price. They will not typically just take any offer. Make sure your offer is "clean" meaning not alot of contingencies and your price is realistic.
0 votes Thank Flag Link Tue Apr 15, 2008
Good time to hire a buyer's broker with information specific to that area. That professional can work with your best interests in first position. You may find that the price is already a good buy in that vicinity, and you may not be the only bidder at the table. Too difficult and risky to assess from my market. We are not seeing price depreciation like that where I work and live. Local, pro help is a good choice before you take the next step.
0 votes Thank Flag Link Mon Apr 14, 2008
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