Property Q&A in Queen Creek>Question Details

Michael Dung…, Home Buyer in T3G2N2

listed for $125K, short sale and the Bank has approved $125K, if I offer full price will the Bank approve it?

Asked by Michael Dungey, T3G2N2 Mon Feb 16, 2009

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This question is about this property: http://www.trulia.com/property/1074080625-2060-W-Desert-Seas…

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Answers

4
For this price I can get you in a new home that is larger so why deal with a short sale.
Jeff
0 votes Thank Flag Link Mon Feb 16, 2009
Michael,

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!

Lucinda Tkach
Windermere Central LLC
602-799-6846
0 votes Thank Flag Link Mon Feb 16, 2009
Hi Michael,

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:
- comps
- 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.

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PAUL WELDEN
Buyer's Agent
HomeSmart
480-241-0081
0 votes Thank Flag Link Mon Feb 16, 2009
Michael,

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.

Good Luck,

If you don't have an agent, I know one that lives in QC who can help.

Sincerely,

Stew Keene
Inspire Realty Group
2008-2009 Master of Real Estate award recipient
0 votes Thank Flag Link Mon Feb 16, 2009
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