Home Buying in 60440>Question Details

Derrick, Home Buyer in 60440

Offerring on a Short Sale and the price keeps dropping

Asked by Derrick, 60440 Mon Nov 22, 2010

So we found a beautiful home at the right price, but it was a short sale. Priced at $359k it already seemed fair based on comps. Plus when my realtor spoke with the listing agent he was told that the price was already bank approved. After my wife toured the home I was excited to tour it myself and then possibly make an offer based on the fact that we had already toured 70 homes. Before I could tour the house the listing agent dropped the price by $50k down to $309k. My agent advised me to offer the list price and let them know that we would want to be considered in a multiple offer situation. After we put the offer in the next day the listing agent dropped the price on the home another $10k! I have trouble understanding that.

Question 1: Was I advised correctly to offer at list price or should I have come in higher?


Question 2: Why does the listing agent continue to drop the price if they have already been made an offer at the listing price?

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Answers

2
Have your agent request the letter of approval from the listing agent since he stated the sale is approved, this clearly states what the bank approved it for and all other expenses & terms. Many agents will drop the price drastically just to get an offer on the table, but the bottom line is that the bank will have the final word. Submit your offer at Fair market Value, do not lowball because then your wasting everybody's time according to the bank.

Good Luck!
0 votes Thank Flag Link Sun Nov 28, 2010
carefull, many agents will drop the price to keep offers rolling in.

The bank will eventually decide whether of not to accept your offer.
0 votes Thank Flag Link Mon Nov 22, 2010
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