Sheila Farell, Home Buyer in Riverhead, NY

If this is a short sale how much is the actual final cost of this home?

Asked by Sheila Farell, Riverhead, NY Tue Sep 18, 2012

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You need to get a good agent to help you make an offer. First of all, the listing price was set by the agent with comps from neighboring sales. The lender that is accepting the "short sale", that is accepting less than they are due, has to approve it, and will send out their own appraisers before agreeing to an offer. An offer often consists of other elements that affect the final cost of the home. Whether you are asking the seller to pay for any closing costs, repairs or other concessions. It's always a good idea to work with one agent as your buyer's agent so you can have someone to answer all your questions as you proceed.
1 vote Thank Flag Link Tue Sep 18, 2012
Hello Sheila

While the home may be priced at one number, keep in mind that the bank that holds the note on this property has final say on the price. Should you make an offer on the property the bank will review it and do the following: Accept your bid, counter your bid, or just reject your bid.
I'm sorry that does not give you an exact number for this property but only going thru the entire process will reveal what what the bank will aloow the property to go for.

Good Luck !!!

If you have any further questions about this or any other home please feel free to contact me and I will do my best to get you your answers.
Irene Renna
Keller Williams Realty Homes & Estates
631 352 3210
1 vote Thank Flag Link Tue Sep 18, 2012
The bank has the final say. If you are anticipating putting an offer in on the home, make sure you have a good agent, and that your agent reviews all the comparable's similar to that home. Based on that information, go in with the number you feel most comfortable with.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you the best of luck,

De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Mobile: (631)384-3695
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Tue Sep 18, 2012
The selling price will depend on the lender, therefore if you are interested in making an offer, review comps with your agent, recently sold simalr properties in the immediate area,;see what the data suggests and go from there.
0 votes Thank Flag Link Tue Sep 18, 2012
No one ever knows. The bank has to approve the final sale price of any short sale. You make your best offer and the bank decides if they want to move forward.
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0 votes Thank Flag Link Tue Sep 18, 2012
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