(But yeah they do, really , I know....I mean...)
Stop! They do not! I'm sorry but three closed for every one thousand short listing offered? Please. Wait for trustee sale.
The price of the home only suggests what people are willing to pay (i.e. no buyers/demand means a lower price) it has very little to do with what the bank is actually willing to sell the home for. Although the bank will take into account market time, and demand into what they're willing to except in a short sale.
When you're looking at a bank owned property, make sure someone gets in contact with the listing agent, often if you submit an offer much lower then the asking price it is outright rejected, don't expect to get more then about 5% less. Often even less then that because you run into multiple offer situations, especially if it's a good deal. twice recently I went to submit an offer only to find out their were 3 or 4 other offers, at or above list price.
Jason H. Gomes
Prudential NW Properties
Greater Portland Area
Provided it is about 80% of the amount of money the bank is owed and they will make 1 penny more NET after closing costs by selling than foreclosing than they will write the loan down and sell it. Having said that you have to deal with JR liens and all of that and the agents better damn well know what they are doing or else it will never ever happen.
Give us a hoe you are looking at and let us have at it. A short sale done right should get you a great value on the property. I hope that all helps!!
Re/Max Hall of Fame
Re/Max Metro Gold
The listed price on a short sale is the price the listing agent and seller feel will bring in an offer on that particular house. Just like any other home that is for sale, if no offer comes in within a reasonable amount of time, the price should be lowered until it reaches the point that buyers in the market view it as a good value. The complicated thing about short sales is once an offer comes in and is accepted by the seller, it needs to be approved by the lender(s) who have liens on the property. In order for that to happen, the net proceeds from the sale have to meet certain criteria or the lender won't agree to the sale and the home will usually end up in foreclosure.
All that to say, there is no guarantee the lender(s) will approve a sale for the listed price unless it is in their best interest to do so.