With the information provided and predictions offered would be pure speculation. There are loads of important issues associated with short sales that can be determining factors.
Being realistic, if your offer is significantly below the current area comps, you can expect the lender to counter your offer. This is when you find out if your agent really knows their stuff by being able to justify your offer in terms of recent market activity and condition of the home.
In the event, you have information that justified your offer amount, it may be best to provide this information to the bank sooner than later. Anything is possible but you should be prepared to assume a position that defends your offer.
I often get called to appraise short sales under contract, most buyers are trying to roll 7's and score a deal but it's getting much harder.
There are exceptions but without knowing much more about this particular situation I am responding solely on the basis of valuation considerations. Good luck.
If the bank does not except your offer, they will more than likely make a counter offer.
We are in a temporary sellers market because of low inventory. I have been seeing multiple offers on properties as well. That is keeping home sales at market value. The one advantage you have is that you are considering short sales and many buyers are not.
Some of the larger banks now have a mandate not to further devistate the market by accepting or listing for less than fair market value on short sales and foreclosures.
Best of luck!
While I would not get your hopes up, lots of things factor into this process. Time it has been on the market and the specific condition of the property you are buying are a couple if things. this is a sellers market for the last few months in the ATL area, so we are seeing less available inventory and multiple bidders on properties...law of supply and demand! In addition, short sales can take some time to complete, especially if you start out too low...best of luck in your first home!
Rick Musto, Managing Broker
Buckhead Home Realty
Right now, many properties are seeing multiple offers and selling for over list price.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
They are prepared to sit it out and wait for a recovery.
I think you may have outsmarted yourself on this one.
I can just imagine the conversation between you and your Agent as you were discussing your OFFER.
The LISTING PRICE should have allowed for the Shortsale situation; but you chose to discount it further.
If you're lucky, the Bank will come back to you and ask for your Best-and-Final Offer; you will then be able to make a reasonable offer.
In the best of circumstances; you just bought a house for a ridiculous price.
Good luck and may God bless
ps. Do you think that just because they are a small out-of-state bank, that they don't know what they are doing?