What if the short sale is already heavily discounted? You might lose the house because you offered a very low amount.
Ask your agent to run comps showing recent sales of similar properties. This will give you a very good idea of the local market and allow you to make a good offer.
I think the answers below hit your question and are correct. I would also suggest taking a look at comparable properties in the area and their sale prices. That will give you a better indication of what the bank may accept. You can check out comparable as well as sale price vs list price in your neighborhood.
I would be happy to analyze the property with a free comparable market analysis to give you an idea of what the home is worth and then give you more advice from there. If this sounds interesting, just call me (480) 414-3410 or email the address to me firstname.lastname@example.org
Does it say bank approved? If so, that is what the bank will approve an offer at, but of course everything is negotiable.
Also, If the buyer finds another property during the approval process with the bank, and they want to make an offer on it, they can pull out of the first contract and move forward. If this happens, the property will be put back on the market as active and they will review any back up offers if those buyers still have an interest and the procedure starts again. That may be why it has been on the market for over 70 days if it truly is active. Let me know what the MLS number is and i can tell you what is going on with it.
If you are interested in purchasing a Short Sale or any property, it is best for me to do a market analysis for competitive pricing and other research on the property.
If you are interested in purchasing property in Scottsdale and/or surrounding areas, please let me know and thank you for the opportunity.
Sonoran Premier Properties
In addition, a short sale is really a two part negotiation. You and the seller agree to a price, which really means nothing in my opinion, because the bank has to ultimately approve the sale price on their own terms. They negotiate with the seller for price and terms and if they can come to terms that you can also live with the sale will fly.
Many agents who list short sales think they can put any price on them and get them to sail through. This is not the case. Submitting offers too far off of market typically leads to banks rejecting offers all together or countering at prices that make buyers walk away. A good short sale agent prices the home close to market so that it has the best chances for an approval.
I work with many buyers and sellers in Scottsdale and am in my 13th year of full-time real estate. I am in the top 1% in our Company and Top 2% in the Arizona Regional Multiple Listing Service for Sales.
If I can help please let me knlow.
WEST USA REALTY
Again, you have been given the correct answer by other agents, most who are not in the Scottsdale market.
I would be happy to run comps for you & advise you on what the market for the house looks like. I'd just need the address from you.
Our market is the best in the country & we don't have many short sales or foreclosures left, which is a good thing. Please keep in mind, that short sales still take months to close, so if you're looking to move out here anytime soon, I recommend looking for a conventional purchase.
Are you planning a trip out here? We could meet & I can show you homes.
You can contact me directly at email@example.com
Hope to hear from you.