Home Buying in 02904>Question Details

Khoa, Home Buyer in Seekonk, MA

i am buying a short sale house and the asking price is 325,000 ( reduced 15000) and i have offer 307k . Is my offer strong enough to get the house?

Asked by Khoa, Seekonk, MA Thu Mar 18, 2010

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Hi Khoa,

As many have said already, there are many factors involved in getting a short sale approved. Price being one of them. Others involve how many lenders are involved? If there is just one, it usually takes less time to get approved. Who the lender is (some take longer, such as Bank of America), and how far along in the process has the seller actually gotten. A complete package needs to be completed by the seller including proving a hardship, income, asset statements etc. Once this is completed and an offer is on the table, the lender orders a BPO (brokers price opinion) to determine value. If your offer is close or above that number, they are more inclined to approve the short sale, but it could still be a lengthy process. Hopefully, you have a buyer agent representing you who is familiar with the short sale process and can guide you through it. Good luck! I hope it works out for you.

Lori Rossi 401-480-1973
Coldwell Banker Residential Brokerage
2258 Warwick RI 02886
0 votes Thank Flag Link Fri Mar 19, 2010

MA hs been alittle funny -I just closed on a short sale - list price was 285K. The buyers offer 238K and the bank accepted in 1 day. It all depends on how long the bank has held the property and if there are other offers. If you need assistance, please feel free to contact me.
0 votes Thank Flag Link Fri Mar 19, 2010
As others have said, there is no way for anyone to know for certain. Your offer is within a range I suspect would be strongly considered, so it's worth a shot. If you really love the house and don't believe you'll find something you like better, than your offer should be strong enough to insure your success.
If you have an agent experienced with short sales, listen to them. A lot depends on who the lender is and how the Broker Price Opinions come in.
0 votes Thank Flag Link Thu Mar 18, 2010
Asking price has nothing to do with what is owed on a property. It is just a price the realtor/owner have set to produce an offer. You really need to know how much is owed on the property and how many banks are involved. But with that said, there are no guarantees with short sales.
Web Reference: http://www.alaynaberek.com
0 votes Thank Flag Link Thu Mar 18, 2010
It depends on many factors...such as who the lender is, type of loan, what similar homes in the area are selling for, etc... It also depends on who is working the short sale. Whoever is negotiating the short sale on the sellers behalf needs to know what they are doing.
0 votes Thank Flag Link Thu Mar 18, 2010
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