Lenders are getting creative and we are seeing short sales offered below market to create a sort of feeding frenzy. You have to be extremly careful and get as much information on any given property. I have waited over 100 days for a reply on several short sale offers and then the lender comes back with a counter offer and wants to close in 20 days from acceptance. It seems to be all about the lender and not too much about the buyer.
I would advise looking into bank owned properties and properties that are not in any form of distress, being a "normal" sale. There are some very nice homes in our area that can be had at good prices. I would say that if time is not a factor, then search out short sales and don"t be surprised if you loose out on some before you get one. Best of luck....

Tue Apr 29 2008, 13:48

It all depends. Lenders are getting smarter and faster about responding to short sales. But if you're looking for a great deal, you'll seldom find one in a short sale. While you can do all of the inspections you want on your dime, when it comes to repairs, the lender is not going to do them

There is a TON of inventory on the market right now in Modesto. You can get a great deal on a non short sale home too. Don't just concentrate on short sales....you may overlook a gem. Good luck!

Fri Dec 21 2007, 22:32

Samsson-
Nino is right it all really depends on the listing agents work before hand. If the agent just threw a dart at the wall and listed well below market just to get offers, it won't work, no matter what you offer. If the agent did their homework and has already presented a case for the price, then you are in good shape. Some lenders, however, will not allow you to send the paperwork over first.

My suggestion is find out what bank is losing the money on the short sale, get the loan through them and offer what you truly fell the home is worth. If you would be upset that you didn't get the home at a certain price, offer that price, the worst that could happen is they say no, and then it will go off the market and less inventory, either way, it is a great time to make whatever offer you want.

Hope this helps,
Nick

Fri Dec 21 2007, 08:52

The banks are responding to offers that are within 10% below list price (as long as list price is accurate market value). Also, since the passing of the Debt Relief Act of 2007, the banks will be motivated to accept offers and get past this downturn-- help us sell the inventory.
If you wish to write an offer, consult your real estate professional, but if you don't have one, my team and I would like the opportunity to meet with you. Call 209-613-5773 or email NinoP@kw.com. Search for homes athttp:// www.IntegrityPlusRE.com

Fri Dec 21 2007, 06:48