Once you put an offer in with an agent the bank reviews it and decide if they will accept it. Usually the short sales are priced close to the comps so it should sell. However there are a number of steps the listing agent needs to take to insure the sale. Its a good idea to make sure the are a short sale expert or have one in place to sell the home.
If you would like any assistance with your purchase feel free to contact me!
Windermere Central LLC
The answer depends on many things, but keep in mind that only about 1 in 10 short sales actually end up selling. So, while the bank may approve the sale, you may not be able to buy it, because your answer depends on:
- what if appraisal comes in lower?
- is there mortgage insurance on the property? if so, they may require the seller to sign an IOU, which the seller won't, thus preventing you from buying it.
- what are your terms & conditions? even cash offers have terms/conditions
- are there 2 lenders or just 1?
- what if the seller files BK? a sale may occur but could take a very long time
- etc, etc, etc.
For more specific advice, you will be best served by allowing an experienced, full-time Buyer's Agent to assist you.
The offered price from you needs to be a fair and reasonable value offer.
Have your agent do their due diligence and provide the information in comparables to determine the value.
That's your best shot of getting an offer accepted.
If you don't have an agent, I know one that lives in QC who can help.
Inspire Realty Group
2008-2009 Master of Real Estate award recipient