Home Buying in Oak Park>Question Details

Mellissa Pai…, Home Buyer in Oak Park, MI

offer on a short sale what is a reasonable percentage? I have heard 50-60% of the listed price to leave way for a counter offer. Is this true?

Asked by Mellissa Paige, Oak Park, MI Mon Nov 23, 2009

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James Gordon ABR SFR SRS ’s answer
Mellissa it all depends on the fair market value of the property. I do short sales and list them near full market and drop the price steadily untill we get an offer. Most of my shorts that get an offer close.
There is another agent in my area that will list a property at about 50% of fair market value. He gets multiple offers and the property comes back on the market in about 2-3 months at a higher price normally 85-90% of fair market value. The lender has decided that they can get more that 50% if they forclose and sell the property as a REO. They want to see realistic offers not junk. If the offer has lots of contingencies the lender may also reject allowing the short sale on that contract as they also look at how likely the closing is going happen.
Good Luck.
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0 votes Thank Flag Link Tue Nov 24, 2009
Thanks for all your help.......short sales are starting to seem like such a hassle. I was hoping to find a better deal with equity on a short sale. Many seem to be priced above the market value.

Mellissa+
0 votes Thank Flag Link Tue Nov 24, 2009
Melissa, writting a low ball offer will alwasy have the oportunity of not to be taken serius. One of my buyers did that and the offer got rejected, no counter at all. We had to wrtie a new offer and wait another 45 days.
So, you want to be in the ball park. With another of my buyers we wrote an offer above listing price, as James explained, because we realized that property value was way above listing price and we want to tget our offer accepted. So in other words, it is about fair market value. Either you want to look like you are testing the market or you are a potential buyer.
0 votes Thank Flag Link Tue Nov 24, 2009
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