Home Buying in Omaha>Question Details

Jc.gogo, Home Buyer in Omaha, NE

Short sale house

Asked by Jc.gogo, Omaha, NE Tue Jun 18, 2013

If the house for sale and I make an offer to the bank $15,000 less then the price of house will the bank take it?

Help the community by answering this question:


We always tell our customers that decide to make a less than full price offer that it's important to be able to defend your position. With this said, comparison property, location, condition, etc. are very important considerations.

It's also important to present your rationale along with your initial offer. Doing so after the fact could be too late. Inspection reports, contractor estimates, photographs, etc. that provide additional support for your cause may also be helpful.

Banks generally go with the best information provided to them about the property: agent opinion, BPO's, appraisals, etc. As long as you are reasonable and making only necessary or essential repairs and can justify them...there's no reason why they shouldn't consider your well thought out and documented requests.

Best of luck,

2 votes Thank Flag Link Wed Jun 19, 2013
If the BANK owns it, then it is an REO.
If it is an REO, the bank wants you to have a Realtor representing you.
Your Realtor is there to advise you about things like this.
Your Realtor will do a CMA to determine the Market Value.
Chances are; the house is priced at about M.V.
If your's is the only offer; the bank probably won't come down, (in this Market).
If they have Multiple Offers; you will probably have to go a lot higher; certainly not discounted.
But, this is what your Realtor is for.
1 vote Thank Flag Link Sun Jun 23, 2013
If you offer list price and AS-IS the bank will take it....hopefully, they could shut the sale down on the day of closing...you never know with short sales.
0 votes Thank Flag Link Sun Jun 23, 2013
Depends on the price point of the home. is the home $300K or $100K ? Knowing the percent off you are asking for is important. If the property is priced right by the list agent, then no, it's not likely they will consider your offer.
0 votes Thank Flag Link Sun Jun 23, 2013
The bank is going to order an appraisal, then they will demand a price based on a percentage of appraised value. If your offer is within their guidelines they will take it, otherwise they will reject your offer and move on.
0 votes Thank Flag Link Wed Jun 19, 2013
Nobody knows. Most likely not.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Wed Jun 19, 2013
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