How much lower can i bid on a short sale price.?

Asked by Joe, Los Angeles, CA Thu Apr 22, 2010

How can i bid lower on a short sale price for them to accept. How much lower can i go without any problems?

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3
Anna M Brocco, Agent, Williston Park, NY
Thu Apr 22, 2010
There are no set standards as to how low you can offer on any sale--the seller can accet whatever offer he/she wishes, however the lender is the one who decides what to accept, reject or at times counter offer--keep in mind the lender is looking to get as much money back as possible. Is the property priced on target for today's market or slightly below--if so multiple bids can come to play. You need to be aware of recently sold similar properties in the immediate area, review the data and make a determination as to a fair offer. Your agent can advise you best.
1 vote
Myrna Averia, Agent, Los Angeles, CA
Sat Oct 2, 2010
Most short sale listings are priced at lower than current market value to attact more interest from buyers.
There can be a mutual acceptance on a price, but all terms, price and conditions are still subject to the short sale lenders' approval.
It is best to submit a price close to the current real estate market value because the short sale lenders will have their own appraisal. Submitting a reasonably priced offer is the best thing to do. There is a better chance the short sale lenders will accept the terms/price of current offer.
Web Reference:  http://www.MyrnaAveria.com
0 votes
David Chiles, Other Pro, Los Angeles, CA
Thu Apr 22, 2010
There is no rule of thumb for making short sale offers. All bids must be reasonable. A reasonable bid is one that is based on the current market prices of comprabable homes in the area.

Personally, I would look at the loan and sale history to determine what a house is worth to me. I would look at the loan and sale history to determine where and when the house was sold for an inflated value. Usually there is a jump in price that is inconsistent with even the best market conditions that it should have raised red flags. From there I would run some numbers to figure out how much I think it is worth and if the short sale price is too far above what I think I would not even make an offer.
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