Home Buying in Salem>Question Details

Jennifer, Other/Just Looking in 03079

I want to make an offer on a short sale listing for significantly less than the asking price, and what I feel the value is in the Salem, NH market.

Asked by Jennifer, 03079 Wed Mar 30, 2011

Considering the 78 foreclosures in Salem, and the property could be on the market for awhile, is this unrealistic?

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Scott Godzyk’s answer
Jennifer with a short sale you should never base an offer on an asking price, the bank does not set a price, the listing agnet does, often inexpereinced short sale agents put the price artificially low to attract more buyers, the fact is the bank will not approve a shorty sale for much less than current market value less any repairs. You need to assess what it is worth and base your offer on that, you dont know otherwise if that asking price is already at market value, is way higher or way lower than market value. Making a low ball offer may have no chance of getting accepted.

Please se emy blog with a complete list of tips and advice on how to get a short sale offer approved
1 vote Thank Flag Link Sun Apr 3, 2011
HI Jennifer, If you need a Realtor, I have many great agents up this way and I will be glad to recommend some to you if you wish.

Just let me know - be happy to help !!

Jamin M Jones
New Hampshire Home Inspector NH Lic#280

Mobile: 978-675-7597
0 votes Thank Flag Link Mon Nov 12, 2012
Time and lots of paitents

SS are waiting games.

Dont expect the SS bank too approve a offer so low they laugh. and yes they do laugh.

Banks need to get a minimum on each house. and in most cases it is MORE they ppl will offer.

Good Luck
0 votes Thank Flag Link Fri Apr 20, 2012
I would say no, this is not unrealistic for you. It may be unrealistic for the seller and more importantly the sellers lender. My opinion is it does not hurt to ask. A lot of times if the offer is close to the short sale lenders bottom line they will accept or counter. Usually 5 to 8% of market will do the trick. Of course that is in my neck of the woods.

Good Luck!
0 votes Thank Flag Link Sat Jan 14, 2012

You “feel the value”. What the heck does that mean? Do you have statistical verification of your “feeling”? Are you working with a local Realtor who is familiar with short sales and can guide you in the proper approach to determining the right range for an offer on this property? Short sales are not for the timid or the impatient. I suggest that you get a professional on your side…a Realtor...so that you can best understand the market, pricing, short sales and the proper strategy for achieving your goal.

And best of all…the seller pays your Realtor’s commission. What a good deal! Professional help and someone else pays!
0 votes Thank Flag Link Wed Mar 30, 2011

One can make any offer they like on a property........and the seller can simply reject it.

The reality of a "short sale" is that you need to have agreement on the price from two entities....the current home owner AND their lender. The best or most successful offers are those that are an accurate reflection of the current local real estate market activity.

Our recommendation for determining the reality of your offer is to work with a real estate professional in generating information that supports your offer that can be presented to the bank with your offer.

Good luck,

0 votes Thank Flag Link Wed Mar 30, 2011
In order to determine a fair offer, review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests, then make a determination....your agent can best advise.
0 votes Thank Flag Link Wed Mar 30, 2011
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