Make an offer and do not be afraid to go 10 to 15 percent below what you would normally offer as it takes from 3 to as high as 7 or more months to get a counter or consideration and your off has to take a falling market into consideration . When the bank gives a number as their "NET" you can up the price if it makes sense then. If you are patient and can wait go for it if not consider a Bank Owned Property. Remember the Seller's agent will be happy to take any offer as IT TAKES AN OFFER TO START A SHORT SALE.

Sun Jun 29 2008, 20:13

Elena,

It sound like you would benefit from the expertise and direction of a real estate professional. They will answer all of your questions.
Good luck,

The "Eckler Team"

Sat Jun 14 2008, 04:17

Elena, I would suggest that you speak with your Realtor representing you and look at the comparable sales. Your Realtor will want to determine if the List price is at market value or way below. If you truly like the house I would recommend that you make an offer based on the market value or just below as the Lender will do an appraisal and base their approval on that appraisal and what they want to net on the sale. Too many people make a mistake in assuming that the Lender will give the home away because it's a short sale and that's not the case as many a disappointed buyer will learn. Short sales offer a fabulous buying opportunity and if you the Listing Agent for the Seller and your agent are educated on the short sale process, you could be the proud owner of a great deal. Lenders do not want to own homes as that isn't their business so make them an offer that is more attractive than being foreclosed on. Good luck to you.

Mon May 5 2008, 18:01

Hi Elena, I agree with Scott Miller. However, if you REALLY want to try it, ask your real estate attorney to help you draft the offer in a way that you won't be tied up to it if later on you find something better while waiting for an answer from the bank.

In regards to the offer, don't focus on the asking price, rather, ask your Realtor to do a comparative market analysis to gather the sold prices of the comparable properties in the area and then make a compatible offer. Prior to responding to an offer, the bank will order an appraisal to evaluate how much the property is worth now, and compare its value to your offer.

Best of Luck!

Karina Leal
http://www.karinaleal.com

Mon May 5 2008, 14:27

Hi,

I'd prefer you go back to the agent you're working with and tell him/her that you want all of the listings in the area you are looking that come up under 'bank owned' and NOT 'short sale'. Personally, I've seen tons of agents, buyers and sellers wasted lots of time trying to bring a short sale to the closing table. Many of the banks are overwhelmed by the offers received and don't look at a deal seriously until they actually own it, making it 'bank owned'. GOOD LUCK

Mon May 5 2008, 14:07