However, the lower the bid is uner the asking price the smaller the percentage chances of obtaining the home. With short sales, it is our experience, that it is important to be a close to the "asking price" as possible.
If the owners have been working closly with the bank, they should have an idea of the price the bank will settle for to close the deal. It's entirely possible the posted price may be a reflection of weeks or months of dialogue with the bank.
Another point to consider is that most of the time in order to make the property attractive and looked at the short sale properties are listed lower than the average market analysis.
Just like Richardo said, talk to your local agent for a reliable CMA but consider looking at the REO's (Bank Owned) for more reasonable negotiation options.
Century 21 Hallmark Realty
Problem One: If a non agency loan , the lender is not a lender. It is an interested party and must answer to a higher authority. . . the investors of a trust.
Problem Two: The lender will gain substantially more from retaining the asset to term (recourse) and taking a greater loss pending down the road with insurance and a release.
Problem Three: Why would a seller work so hard with a Realtor to exact a short sale which is nothing more than a refinance at a lower number. In other words ...take it himself!
Problem Four: Lenders are using this as a great way out to "eat" time in a recovery and then fail to deliver.
I am an investigator into these types of lender shams and need to knonw if anyone has uffered from a lender withdrawing the offer last minute and forcing the property into a REO. This is not spam.
(Wall Street buddies . . .they don't believe and yes this is a tough place to educate - - - but it's not a waste of time! They are slowly coming around).
Please let me know if I could be of further assistance.
You can bid whatever price you want to bid on a house,
but I would recommend speaking to an agent so they can
better assist you in bidding the right price for a particular home.
Its always important to get some advise from your agent regarding
putting a offer, because if you bid low someone can bid more which
after a while that can become pretty frustrating.
Coldwell Banker Dynasty