Ryan C. Sanford
Vice President, Richmond Branch
13204 Hull St Rd
Have you had any luck finding one to bid on? I just listed on in area 22. Brick Cape that is subject to short sale acceptance. It is well priced at 160k. The home next door just sold for that. We didnt leave any fat in the price just put it out there for fair market value. I hope that helps give you some insight into some Sellers mindset.
Inspections are key. Be certain that you have a professional inspection with the utilities turned on. That is almost always a buyer expense also, but your Realtor has to obtain the written authorization from the real estate agent representing the bank to allow you the privilege of doing so.
Buying a home is always a complicated process. Banks nearly always use a Realtor to represent them, and you should obviously do the same. Good luck.
I'm not saying not to try and get it for less. But just be smart about it - don't offer $300K on a $450K asking price when the asking price is already below fair market value for the property.
A short sale listing doesn't and shouldn' t automatically mean you should submit a lower offer than list price. Those who insist on lowball offers may encounter rejections more often than those who are realistic about market value.
Last week, I advised my client to write a higher offer than list because the value of the property, even as a short sale, seemed substantially higher. It's a good thing we did, because it received multiple offers, and we managed to squeak by a very tiny margin.
At times like this, it helps to have a professional on your side, looking out for you.