house is pre forclosure short sale priced, can i offer less than asking price?

Asked by Trishthedish1, Tarpon Springs, FL Mon Feb 25, 2013

will giving 1/2 down in cash get price lowered

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David DuBow, Agent, Tarpon Springs, FL
Mon May 13, 2013
The price that you offer for a short sale depends on the circumstances surrounding that specific short sale. I have found that doing your homework upfront will put you in a much better position to determine what a lender will accept. An educated agent who works directly with a Title company is a good first step to determine the offering price. The Title company can research the mortgage amount owed as well as looking at other issues such as HOA fees and taxes owed. All these vaiables will assist in preparing an offer that is accepted. Also, as a buyer showing the ability to have financing in place will be a very important part of submitting an acceptable offer. In the end the work that is done upfront will translate to big savings in the end.
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Linda Grey, Agent, Port Orange, FL
Tue Feb 26, 2013
Depends on the home and situation, does the listing say bank approved amount if so many times they will not take less. A short sale is NOT yet a bank owned property but once all of the paperwork is done on the seller side the bank has to approve the short sale for the seller. Then once an offer comes in the seller has to approve it or not, if the seller approves it then it goes to the bank for approval. In the mean time the bank will do an appraisal and BPO's to confirm market value (they don't want to loose more than they have to) and in some cases not many a seller can not qualify for a short sale and then the property will go into foreclosure. These days the banks are pretty good but the are not giving the homes away.

Best of luck to you in your home search and purchase.
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Pamela Cohn, Agent, Clearwater, FL
Mon Feb 25, 2013

The only way a pre-foreclosure house can be sold is as a "short sale", meaning the value of the house in less than the loan. The seller must qualify with a hardship for lender approval. Lenders are looking to get closer and closer to market value. If the house was priced right, then there is propbably not much wiggle room. Next question is are there others making offers? If so highest wins. Cash will usually win over financed if the offers are the same or close. If not, then which ever nets the bank more will be the winner. Even with a full price offer, if the bank feels the sale price is below marke,t they will come back with a higher counter.

I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.


Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
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Bill Szydlow…, Agent, Tampa, FL
Mon Feb 25, 2013

as a buyer, you can offer whatever you would like. Unfortunately, in the current sellers market and if the home is nice and you really want the home, anything but list or higher will not get the home. Currently, there are mutliple offers on most homes, especially those that are nice, which puts you in a bidding war with other buyers.

Bill Szydlowski
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Carin Bowman, Agent,
Mon Feb 25, 2013

The lenders have an amount they must get and whether you are financing or paying cash does not matter. It depends on how well the property was priced. Sometimes properties are priced lower than the lender will accept and the price will go up once appraised. If an offer comes in that is so low sometimes the bank will not even respond. Knowing the value of a home before making an offer is the best way to go. If you need any help, please feel free to email or call.

Carin Bowman
Century 21 R E Champions
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Odette Godin, Agent, Palm Harbor, FL
Mon Feb 25, 2013
You can always offer less, but what is more important is the market value. Ask your Realtor what the market value is for that home. Many times bank owned properties are listed below market value and usually sell higher than list price with multiple offers. If the property has been on the market for a while, it is possible you could get it for less. Like all sellers, they have a bottom line.
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