http://www.trulia.com/voices/Home_Buying/i_have_a_short_sale_that_the_seller_has_accepted_m-143189sending out an appraiser and will be sending it to a negotiator. i want to know if the negotiator is on my side or on the bank's side. what if the appraisal comes in higher than the price i offered. can the bank push up the priceen-ushttp://www.trulia.com/voices/profile/Home_Buyer-Redlands_CA-807195/http://www.trulia.com/voices/profile/Home_Buyer-Redlands_CA-807195/this is a reply to tony---thanks. your reply was very thorough. i will keep an eye out for all these factors once the bank approves the short sale and sends out a negotiator.Fri, 10 Jul 2009 10:01:35 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Carlsbad_CA-64536/http://www.trulia.com/voices/profile/Real_Estate_Pro-Carlsbad_CA-64536/The world of short sales can be long and painful. A lot depends on the bank or banks that are involved. The amount of communication you may get as a buyer could be very limited. During an average 3 month short sale, there may only be 3 events you hear about: a BPO or appraisal is ordered; a negotiator is assigned; and the short sale is approved/countered/rejected. If your offer price is close to market price(doesn't matter what asking price is) then you may have a better shot. You may also find the bank will not pay for a home warranty or termite clearance or sometimes the delinquent HOA dues. However there are so many other factors involved which you have very little control over that can break the deal: seller's financial situation; balance of the loan; delinquent HOA dues and property taxes; real estate commissions; investor input; diligence of the listing agent; 2nd and 3rd lien holders; seller tax consequences; how the debt is discharged; deficiency judgements; and probably more Tara and Diane both gave good answers and it sounds like you are asking the right questions. Good luck.Thu, 09 Jul 2009 23:28:35 -0700http://www.trulia.com/voices/profile/Home_Buyer-Redlands_CA-807195/http://www.trulia.com/voices/profile/Home_Buyer-Redlands_CA-807195/this is a reply to Tara---my offer is the only offer on the table at present. my agent is providing me with weekly updates, except there seems to be not a lot of movement. in the meantime, i am trying to understand this short sale process. there does not seem to be a lot of properties in the area that i like. i was told end of last week that we are at the stage that the bank has sent out an appraisal---do you know what next? the offer price is only slightly below asking price, so i am keeping my fingers crossed.Tue, 07 Jul 2009 08:22:45 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-San_Diego_CA-156099/http://www.trulia.com/voices/profile/Real_Estate_Pro-San_Diego_CA-156099/Hi Pranee, Diane is right. The negotiator works for the bank. And yes, the bank can dig in their heals and demand the BPO price on the property. Do you know if there are any other offers that have been submitted? And if so, are the higher, lower or similar in pricing/terms as your offer? The bank is more likely to consider your offer price OR, at the very least, negotiate to a place in between if its the only offer on the table at the time of approval. Have your agent stay in direct contact with the listing agent and provide weekly updates. In the mean time, keep your eyes peeled for other properties that may work for you. In this market, you don't want to put all your hopes into one property working out. You may very well find yourself having wasted 2-3 months or more. Best, Tara Tara Steinke Residential Sales and Appraisals San Diego 619-384-6014 SDRealtor.Tara@gmail.comMon, 06 Jul 2009 16:41:03 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-San_Diego_CA-196432/http://www.trulia.com/voices/profile/Real_Estate_Pro-San_Diego_CA-196432/The negotiator works for the bank. They have the right to do a counter offer back and ask for a higher amount if they think your offer is unrealistic or under market value. Just because the seller accepted your offer doesn't make it binding on the bank. It has to make financial sense for them to do a short sale rather than foreclose. I've had counter offers on my last 2 short sales so it may be a sign of them getting more aggressive about protecting their bottom line. Good luck!Mon, 06 Jul 2009 13:31:51 -0700