Home Buying in 89029>Question Details

Troutinc2, Home Buyer in Laughlin, NV

If a property is a short sell would it be wise to offer less than the asking price?

Asked by Troutinc2, Laughlin, NV Fri Apr 8, 2011

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Answers

5
Heather Peck’s answer
Without running comps to see how the property is priced, there is no way to advise you. Laughlin is a different market than Las Vegas.

I do a lot of short sales and find the strategy of list price varies widely depending on the listing agent. Some agents price low to get lots of offers, knowing the bank will determine the sale price. Some agents price at market to try to get real buyers and then lower the list price if there are no offers. Some agents still don't understand how to price a short sale.

If you'd like comps run on the property, email me the address and i'll tell you what is on the market for sale, under contract and what has closed in the last 90 days to determine what price would be a good starting point.

Heather Peck
Realty 360
702-531-4798
0 votes Thank Flag Link Sat Apr 9, 2011
the address is 761 autum way Banning,Ca 92220. My e-mail is renmo2745@yahoo.com
Flag Thu Nov 14, 2013
It can't hurt - if you really like the property offer the full asking price and let the bank counter. Do your homework and make sure you know exactly what the house is worth based on the market comparables.

I hope this helps!

Andrew Quezada
andrew@aqhomeloan.com
626.825.6565
Web Reference: http://www.AQHomeLoan.com
2 votes Thank Flag Link Sat Apr 9, 2011
Troutinc2,

I have sold share of "short sales: and my clients have:
1. Offered list price and gotten an accepted offer;
2. Offered list price only to have the lien holders demand more
money shortly before closing;
3. Offered less than list price and gotten an accepted offer;
4. Offered less than list price AND less than market value and gotten an accepted offer.

To figure out how much YOU want to offer, first have YOUR agent comp the property. Then decide
how much the home means to you. If you really, really want the property offer at or close to the list
price. If you want it only at a certain price, offer that price.

Whatever you choose to do, be prepared to wait for an answer from the lien holders, sometimes as
long as several months. It helps to know how many liens are on the home. Ask your agent to inquire.
If only one mortgage is on the home, it should take less time to get an answer.

Good Luck,

Marita Topmiller
Assoc Broker Prudential Indiana Realty Group
marita@maritatopmiller.com
0 votes Thank Flag Link Sat Apr 9, 2011
Have your agent do the comps. Sometimes agents list the home at a price higher than market value. The others have given you good advice. But remember that a short sale may not always be the best value in the neighborhood.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Sat Apr 9, 2011
The answer very much depends on the situation and how much you want the property. If there are multiple offers on a property then obviously you should submit your best and final offer. If there are no competing offers, then it is typically a good idea to offer less than asking. Hope this info was helpful!
0 votes Thank Flag Link Sat Apr 9, 2011
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