Home Selling in Clarence>Question Details

Ncondrell, Home Buyer in

Looking at a $295 k assessed home on market for 249 . 3 years into loan. How low can my shortsale offer be?

Asked by Ncondrell, Thu Nov 3, 2011

House has been for sale for over 2 years. Just about to go into foreclosure looking to not overt pay

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Ncondrell

If they determine that they would prefer to sell the home now, and not proceed
to foreclosure, they may agree to sell the home at below market value. Please
give a call, I would love to speak with you and see how we can help.
0 votes Thank Flag Link Fri Nov 4, 2011
Joe is right. Don't overthink it as there's so much that plays into the offer, not just simply an assessed value an a public mortgage record. Banks aren't thinking logically nowadays (have they ever, really?).

Make a solid offer based on comps in the area and how much you like the house and what kind of work it will need. Hopefully your buyer's agent can work with the bank or the listing agent to identify what stage they are in, has it been approved for a short sale, how the agent is submitting offers, etc.
Web Reference: http://716realty.com
0 votes Thank Flag Link Thu Nov 3, 2011
You need to talk to your REALTOR who can help you determine what a good offer would be. A Buyer's Agent will pull "sold comps" from the last 6 months to see what similar homes have been selling for. Assessed value has no relation to "Fair Market Value" which is what a bank is going to want, in order for them to approve a short sale.

True story from last week: I had a buyer who put an offer on a short sale house -- he insisted on offering 20K under the list price. Based on the sold comps, this house was priced very fairly to begin with (my buyer even commented that it was a great deal at the list price). But he couldn't get past the idea of offering anything close to list price. So, guess what? Another buyer offered full list price and sellers are proceeding with that buyer.

I just wrote a blog post about why buyers need to rethink buying short sales:
http://sallygrenier.com/
Web Reference: http://sallygrenier.com/
0 votes Thank Flag Link Thu Nov 3, 2011
You are going to get all kinds of advice about this one but, you have to leave it to your agent and be patient. If there are other liens and judgments attached, it could be forever and, if there is mortgage insurance on it, the lender may not want to negotiate at all. I had one last year where there were a ton of liens. The bank had a foreclosure sale, bid on it themselves high enough to get possession of the house and wipe out all the other creditors then put it on the market and sold it for $100,000 less than my buyer's offer 1 1/2 years later.
Don't try to figure it out!

Joe Sorrentino - Assoc. Broker
MJ Peterson Real Estate
Buffalo, NY
0 votes Thank Flag Link Thu Nov 3, 2011
Keep in mind that assessed value has no bearing on market value; regardless time on the market, in oder to determine a fair offer one needs to review comps, recently sold similar properties in the immediate area, see what the data suggests and go from there. If you are not working with an agent consider the idea, so that an informed decision can be made. Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously...
0 votes Thank Flag Link Thu Nov 3, 2011
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