Home Buying in 60419>Question Details

jusena spenc…, Home Buyer in 60419

seen short sale home for 135.000 10mos later for 99.000 got my credit togther 4mos later went back to 135.000 is the seller playing games?

Asked by jusena spencer, 60419 Mon Nov 28, 2011

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It may or may not be, they may have had a offer on the property after it went down to $99,900 and the bank said NO and wanted $135,000 so the agent put it back at the $135,00 it should state that its an approved prive. This happens all the time in Shortsales.
0 votes Thank Flag Link Mon Aug 27, 2012
Could be the listing agent too. Sometimes they go ahead and put a price on it because the bank won't commit. Could be they got a lower price to get some offers and the bank wouldn't go for it. Sellers often don't play games, but short sales are difficult processes and sounds like it is a lack of communication between the seller, agent and the bank. It is pretty common.

I hope you are using an agent for this to represent you, not the listing agent. Short sales can be very difficult and you need an advocate for your interests. And by all means, keep looking no matter what. There is a lot out there and something better can always come along.
0 votes Thank Flag Link Mon Nov 28, 2011
Follow the advice of your Realtor, they will have more insight about a local listing and can talk to the other Realtor that is representing the seller. Got your credit together? See below, good luck,
0 votes Thank Flag Link Mon Nov 28, 2011
Yes, they probably are playing games:
Often, the Bank is not dictating the Listing Price; another reason why LISTING PRICES can be all over the board.
If the Homeowner didn't have their Agent do a good CMA, they may not have a good idea of the WORTH of the house. Or maybe they didn't, and then they did.
All you care about is the Market Value of the Home; just ignore their gyrations: Have your Buyer's Agent do a good CMA and see where it comes out: Trust those numbers or you could pay too much, or waste your time trying to pay too little.

Good luck and may God bless
0 votes Thank Flag Link Mon Nov 28, 2011
If it's a short sale then it's not likely the SELLER is playing games, but the BANK is having a say as to what they want to try to get ouf of the deal. I have listed short sales, and I've listed them for what I thought was "fair market value" at the time. But the market fluctates. After no interest , I recommend to seller we drop price. We get lots of activity and even a few offers. But the bank did an appraisal and it came in ABOVE my current list price. Some banks require the listing agent list the price at the appraised value, even if the agent thinks it's inaccurate and is way too high!

Honestly, I think short sales aren't that great of a deal for precisely this reason. The bank typically will only approve an offer that is reasonably close to it's appraised value. Most listing agent have homes listed at or around it "fair market value." I'm sure there are plenty of other "regular" sales that are a great buy. Don't just focus on these distressed properties. They aren't what they are cracked up to be!

You need to find a good Realtor to work with you as a Buyer's Agent. He/she will help you find the best house, best deal for YOU.
0 votes Thank Flag Link Mon Nov 28, 2011
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