San antonio short sales

Asked by jennylee06, San Antonio, TX Sat Feb 23, 2013

Is a short sale price set... With no wiggle room? Or can we still haggle a bit? And how do we find ourselves a 'savy' short sale realtor??

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5
Brenda Mullen, Agent, Garden Ridge, TX
Sat Feb 23, 2013
Hi Jenny,

Everything is negotiable in Real Estate. The thing you need to know is that Short Sales are not foreclosures and very rarely are they going to be the Deal of the Century type of thing. Banks still expect to get close to market value on these homes.

When first putting in an offer on a short sale, you will need to know the comparables of the sold homes in the neighborhood. Once you have that figured out you can negotiate. The seller still has the power to reject, accept or counter your offer. The bank approval is a contingency on the overall offer. If you come in too low and the seller accepts, most likely the bank is going to reject or disapprove the short sale. Remember that these banks get an "as is" appraisal or Broker's Price Opinion (BPO) that they will be relying on for their price. Additionally, bank will only accept a certain percentage below that. In essence, the bank will need to "net" a certain amount to accept your offer and approve the short sale.

So, as far as your question..is there haggling involved...a little. You need to have an agent run the comparables and let you know what the market value is of the home and then construct your offer. Additionally, there may not be a whole lot of money for repairs and if you are looking for closing cost assistance, depending on the type of loan that the seller has, you will only be allowed a certain percentage of that.

Short sales require a knowledgeable agent and I suggest that you don't try to tackle one without an agent. Additionally, they may take a little time to go through and your earnest money may be tied up for a little while and you may still not be approved so patience is the absolute key with short sales. Banks have gotten better and faster, but short sales can still take a while.

Good luck and if you have any questions or need an agent to assist you with the purchase of a short sale, I would be happy to help.

Brenda Mullen
Realtor®, ABR®
RE/MAX Access
210-807-0819
brenda.mullen@sbcglobal.net
1 vote
Vino Alonzo, , San Antonio, TX
Sun Feb 24, 2013
Hi Jennylee06,

Hopefully, you received the information you need from the great agents on this site.

If you will be financing your home, it's important to work with a lender that has closed these types of transactions before. For a short sale, timing is everything. Delays in closing can cost you money.

If you need help with your home loan, please contact me. I’ll make sure you have all of the information you need to make an informed decision. Customer service and on time closing is top priority. Hope to hear from you soon.


Vino Alonzo, Loan Officer
NMLS# 184279
Castle & Cooke Mortgage
210-685-7642
0 votes
Roland Gonza…, Agent, San Antonio, TX
Sun Feb 24, 2013
The short sale process can be frustrating to a buyer that is not represented by an agent that is very familiar with short sales. An experienced agent will prepare the buyer for the longer process.

Yes, you can negotiate on the price but don't expect to get the bargain of your life. The banks normally set a minimum they will accept - comparable sales in the area will determine the price point your agent will recommend.

Call me at 210-722-2725 for more details on the process.

Thanks,

Roland Gonzales, ABR, GRI, CRS, CDPE
Broker/Owner
e-Casa Realty
rolandg@gvtc.com
0 votes
Tabitha King, Agent, San Antonio, TX
Sun Feb 24, 2013
Jenny,

In the short sales I have done, there has been some room for negotiation. I don't claim to be an expert in Short sales, so I refer all my clients wanting buy or sell by short sale, to an agent in town who does work with many short sales.

Feel free to call, email or text me and I'll send you his name and number.

HAve a good one,
Tabitha
210-414-4255
tabitha@kingrealtors.com
Web Reference:  http://www.kingrealtors.com
0 votes
Gregory Touc…, Agent, San Antonio, TX
Sat Feb 23, 2013
Here I am.

Short sales are a special situation and depending if you intend to pay cash or finance will determine how much leverage you have on the price, but you must also consider how far below market it is already marked down and days on the Market.

The banks are pretty savvy but there are still ways to make things happen in your favor.

You can take a look at my recommendations and see that I have worked with Short Sales clients previously.

More questions ? ? ?

Gregory Touchstone
Keller Williams Realty
210-660-2834
0 votes
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