The last approved bank price can change. If the house has not sold at that price, it is probably a sign that the price is too high. Aa buyer can submit any offer. All the bank approved price may mean is that the bank will approve at that price. Your agent, if they can justify the recent comparables, condition of the home, placement of the home (busy street, train track etc.) can submit an offer.
Just as selling a home, the seller does not have their rock bottom lowest price. They start higher and go from there. The bank will not advertise their rock bottom price.
The $299K may have been what the seller thought was a fair price. However, they may have set the price low to get interest. Your Realtor will be able to assess this situation for you.
Welcome back to Arizona and have fun with your home shopping. The good thing? You are in the driver's seat as a buyer.
Arizona Homes and Land
Short sales don't go for under list all the time and I rarely see one way under.
The answers below are good and help to answer the question you raised. Unfortunately the Short Sale topic is so loaded at every turn.
What was the other offer, was the bank contributing any money to the buyer etc? Why didn't the agent list the home at the approved price? Why might the agent of skirted the issue?
As you consider a move back to AZ you may be forced to question if Short Sales are the correct scenario for you? Short Sale closing times are often controlled by the banks approving the Short Sale. I represented one buyer that purchased a pre-approved Short Sale and we closed in 30 days. Another Short Sale I'm involved in was open for 14 months and never did close. The message I hope you hear is that Short Sales are not for everyone, if you have flexibility they can be fine but if you are trying to move across the country and need a defined time line most Short Sales are not going to work for you very well.
The Phoenix market does still have some very well priced properties at this time, from bank owned, flipped and a few owner occupied homes it looks like a great time to buy. Lets carefully choose the property that fits your needs and time line.
Carefully selecting a buyers agent to represent you as you navigate the market will be very beneficial to you. We work for you, have fiduciary to you and get paid by the seller at closing.
Always glad to answer questions.
"Arizona Real Estate for Sale by a Guy from Iowa"
The reason the home could be marketed at $299K with an approved price of $325K is the same reason a bank owned home could be marketed at 20% below market value - in order to get multiple buyers interested and have it sell above the list price. He did verbally tell you about the $325K price.
The Seller's agent will eventually receive an Agreement Notice that will have the terms of the sale printed out including sales price. He is probably being honest.
I hope this helps.
Please consult tax, legal and mortgage professionals, before, during and after purchasing any property.
HomeSmart agents and brokers do not give this advice. Opinion only.
some listing agents will state the amount the bank has approved in "some" listings but not all. Many listing agents will have the short sale property priced low to either generate offers (because buyer is thinking it's a good price and thinks they can get for less than that) or postpone a foreclosure or both. The seller generally does not care and will usually accept anything because they are not coming in with any money. If the offer is too low, the bank will sit on it for months or just ignore it. A good offer can take months too. In some cases they make more money letting it go to foreclosure (mortgage insurance). When you find a property you like, make sure your agent pulls the comps to see how it's comparing to other similar sales. This will be a telltale sign if it's really low. I have had clients find a property that's listed for $300K that they want to make an offer on but the listing agent knows the bank will not accept less than $349K so the buyer is VERY CONFUSED to say the least as to the non-logic behind this. Good luck in your search!
If you are looking to buy here in AZ would love to talk with you more how this all works. You can contact me at 623-326-7594.