I Found a home that I am interested in and the bank will accept a short sale? The asking price is 129,500.

Asked by Artavia Howard, York, SC Mon Feb 16, 2009

The home is now in Foreclosure and my realtor stated that we should offer 120,000, but I think that we should offer a lower price cause the home has not been occupied for a year or more and on the market for at least 5 months. What would be a good price to offer the bank?

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Bill Eckler, Agent, Venice, FL
Tue Feb 17, 2009

We would speculate your agent has examined the recently sold comps for "distress" sales in the general location of this home. This would provide an accurate portral of the price range that should be considered.

There are many more factors for consideration than "time on the market."

Our best advice is if you are serious about buying this home, keep your offer real, and ask you agent why he/she is recommending an offer of $120,000.
1 vote
Keith Manson-…, , Milwaukee, WI
Tue Feb 17, 2009
when your dealing with a short sale it is very important that all real estate agents involved understand the process and have worked with lenders before to get the transaction approved. A short sale is not the same as a normal transaction. Value will determine the price accepted by the bank as well as the owners finacial situation. It will not be a quick transaction but could be worth the wait.

Good luck!!
1 vote
Dallas Texas, Agent, Dallas, TN
Mon Feb 16, 2009
Difficult to state I would believe your present realtor has your best interest. Unless a realtor previewed property, research, investigated all particulars submit a winning bid behalf of all parties.

Bank is aware of value of home , does have file of pictures. Best to submit your top offer on home , bank may not respond if they dont like your contract submitted.
Web Reference:  http://www.lynn911.com
1 vote
Leonardo Mon…, Agent, Rancho Mirage, CA
Mon Feb 16, 2009
Hi Artavia,

I have been on both sides of a short sale both as a seller's agent and a buyer's one. In my experience the Banks will look at all offers from the highest one to the lowest. They look at several factors to make a decision. I had one case where the "negotiator" decided for a lower than the highest offer we had. Having said that, if you offer at asking or above you will be in a better position. If the question you are asking is if the house is worth what they are asking then your Realtor should do a CMA and find out for you. If the Bank wants they have the power to put a "hold" on the foreclosure date. It has happened to me as well where the Bank stopped the process untill we got a final decision made on the offers. Hope this helps. Good luck.
Web Reference:  http://www.leonardoteam.com
1 vote
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