Home Buying in Westwood>Question Details

grubey03, Home Buyer in Cincinnati, OH

Is there any possibility for negotiation in a short sale?

Asked by grubey03, Cincinnati, OH Thu May 16, 2013

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Yes, there are always possibilities to negotiate for short sale. This is my speciality and have been do this since 2004. If you need help with ALL of your options, please call me at 513-429-4500. Thank you, Kristin.
0 votes Thank Flag Link Fri May 17, 2013
Ask your loan officer how many loans he/she has closed for buyers that were buying a short sale. Then act accordingly.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Fri May 17, 2013
The banks are a lot more picky with appraisals these days. They also get Broker Price opinions and sometimes double up on the appraisal. Their amount of flexibility has definitely changed from a few years ago.

Chris
0 votes Thank Flag Link Fri May 17, 2013
Of course there is...significant negotiation.
However, negotiation requires skill and strategy.
Negotiation requires knowing who you are negotiating with.
Knowing what drives their decisions.
How that decision can be influneced.
Timing those events.
Financials.
-
Simply blowing out a number will not acheive the outcome expected when real negotiation is in play. That is why many knowledgeable folks rely on professionals.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Fri May 17, 2013
Keeping it real....

There's always hope but the one thing you should rely on is that the lender is likely going to enter into this type of arrangement with the same outlook. Unless the price is a pre-approved price or the listing agents have it priced "spot on" you can generally plan on the bank requiring additional monies.

Bill
0 votes Thank Flag Link Fri May 17, 2013
Grubey it all depends. I list short sales that are preapproved by the lender and there is not a whole lot of room to negotiate the price. Some Realtors® list properties as short sales at a unrealisticly low price to get offers in. They do this for 2 reasons. The first is to generate buyer leads. The second is to try to get the lender to start the short sale process. In most instances where the price is execeptionally low the listing agent has not talked to the sellers lender yet. so it all depends on the house, the area, and what step the negotiating process is in.
0 votes Thank Flag Link Fri May 17, 2013
There is always room to negotiate on a Short Sale. Just understand that the list price is usually not the price that the home will sell for. It is the listing agents opinion as to the sall price. Most Short Sales sell for less then they are listed at. Call me if you have any other questions.
513-503-0312
0 votes Thank Flag Link Thu May 16, 2013
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