Buying a house thats a short sale? Good or bad?

Asked by Mira, 10019 Wed Apr 30, 2008

I'm interested in a house that is a short sale and has been on the market for more than 12 months. With the weakening real estate market, as well as the unsteady stock markets, would I have negotiation power buy offering lower than the asking?

Also, I've seen home lower their prices anywhere from $30,000 to $50,000 three times because of the very slow market.

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Vicki Downey, Agent, Garden City, KS
Wed Apr 30, 2008
Chris,
Please explain. Interested.
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Vicki Downey, Agent, Garden City, KS
Wed Apr 30, 2008
In my opinion, Yes. You have to understand, though, that shortsales are very time consuming and you need to have great patience. A realtor that works in short sale property will be very influential in this transaction. The financing source will have control on whether your bid will be accepted, rejected, or counter offered.
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