As a person who recently purchased in Mich. under a short sale.........make your offer the best one you've got. You prob. will not hear back from the bank- ever- if they do not like the offer, such as with my first low-ball bid. I was frustrated and went back with my final and best. It was then responded to a day later- amazing, huh? After researching, it appears the bank sets the short sale listing price at or about the amount they will be willing to accept- anything shy of that is a dice roll. Good luck, and even if they did not answer your first offer- re-submit your best and final, now. Good Luck - Wed May 21 2008, 06:12
I had placed a low ball bid on a short sale. It was about 30% lower than listed. I never even heard a word. I started getting a little worried, assuming that it needed to be sold or it would go into forclosure, and I didn't want to go through that. I ended up giving them 10 grand less than asking, with a 3% closing cost kickback at signing. It was responded to the next day. I want you to make sure you have an active realtor who is very persistent w/ the bank to push it. That is the key to any bid,. From this exp., solely, I feel low balls usually don't get accepted or even considered. People who are selling currently are forced to put it up realistically, or else they would wait. - Sun May 18 2008, 10:17
MVPs or 'Most Valuable Players' are key Trulia Voices members who have been contributing high-quality content throughout 2008 and providing valuable advice to consumers and real estate professionals.