Question Details

Izzybizzy515, Home Buyer in Hazlet, NJ

I made a cash offer on a short sale for 15K under asking price. Now they're reviewing the comps & I'm concerned the bank won't

Asked by Izzybizzy515, Hazlet, NJ Mon Nov 21, 2011

accept. Is it likely? The offer was accepted by the seller, but the bank is reviewing the comps and the offer comes in below even the lowest comparable. The house has been on the market for over a year and may go into foreclosure soon, but I'm not sure if the cash incentive is enough for a bank.

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Hi Izzybizzy515,

The lender(s)/bank(s) will either have a Broker Price Opinion (BPO) or a full Appraisal done to determine fair market value. They will use this figure to decide whether or not to accept your offer. If they do not accept it, they will most likely counteroffer it - unless it is so below market value as to be ridiculous in which case they may just reject your offer or not respond at all and wait for a better offer. Hopefully your Realtor did a Comparative Market Analysis (CMA) on the property (which is similar to a BPO) before submitting your offer.

Good luck.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Mon Nov 21, 2011
It depends on what the bank's appraisal was. Don't get too stressed out at this time. Most likely if they don't accept your price they will counter your offer!
0 votes Thank Flag Link Mon Nov 21, 2011
Izzy - You'll just have to wait & see what they come back with. I do hope you have an agent who helped you come up with the offering price? Also... be prepared to wait... and wait... and wait. Banks are notorious for taking a very long time to respond on short sales.

The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
Phone: 508-790-2000
0 votes Thank Flag Link Mon Nov 21, 2011
It sounds like you have not done a CMA to determine the true market value of the property.
You may be assured that the Bank has.

The fact that the seller/homeowner has accepted is meaningless; the Bank is the truw Seller now.

The bank may even ignore you, and look for a better offer. They are not obligated to answer you.

Good luck and may God bless
0 votes Thank Flag Link Mon Nov 21, 2011
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