Property Q&A in Naples>Question Details

Susan, Other/Just Looking in Mirror Lake, NH

If a property is listed at $55,000 and it is a short sale does that mean they would actually take $55,000?

Asked by Susan, Mirror Lake, NH Fri Feb 13, 2009

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To answer your question directly the bank does not have to take the list price of $55,000. The bank will take Fair Market Value for the place. The bank may very well take this price. We don't know. There are some variables in that.

Here is what I do know.

There are 12 active listings. 1 sold last year. The lowest price listing is for $50,000 same size and location.

The best advice I can give you is if you are interested in looking at any of these places and others is to come and look. If you like one then your agent will be able to help you determine a sound offer price. This is done by looking at all the homes in that particular area are going for.

So bottom line is that the bank may or may not take that price. An agent that has handled short sales would be able to help you in this process. It is not as hard as it used to be.

As with everyone else that has answered you I would be more than happy to help you with this and explain in more detail.

Have a great weekend!
0 votes Thank Flag Link Fri Feb 13, 2009
Hi Susan
The rule of thumb with a short sale is the bank will take about ninety percent of what ever the market value is.
If the property is 100,000 and the market value is 90,000 an acceptable priuce would be 81,000. If the price is 55, 000 and the market is 70,000 the price the bank would accept is 63,000. If you need more information give me a call I would be happy to evaluate it for you. 978-580-1810
0 votes Thank Flag Link Fri Feb 13, 2009

The price is correct, but I doubt the bank would take anything close to that. It is a shame that agents try to obtain 10 offers on 1 piece of property and don't let all the other buyers know what is really going on. Get in touch with me and I can give you a 3 minute lesson on short sales.


Scott Riddle, (CSP) Certified Short Sale Professional
Sand Castle Realty Group
239-390-0027 fax
0 votes Thank Flag Link Fri Feb 13, 2009
It is up to the bank to approve any offer on a short sale. There is no guarantee on them at all. We help buyers navigate this difficult market everyday......especially with these short sales and foreclosures. Give us a call if we can help you in the same way.
0 votes Thank Flag Link Fri Feb 13, 2009
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