There is no set Rule of any kind...it is at the complete discretion of the lender and and the nature of the hardship that is causing the short sale.
I am finding it dificult to get the lenders to respond, even when I have the authorization letter from the seller. As a result I am looking at all of these "Short Sales" with a bit of a jaded eye
JD Weisenburger, GRI, Broker-Associate, Vanguard Realty, Inc. GMAC Real Estate FLORIDA
I did do a complete "needs list" on the home for the bank with written estimates to complete the "needs list". Once they saw this, my low offer seemed much more reasonable.
I also think my timing may have been good. It was the end of the month and they had to opportunity to get it off the books thus making their bottom line look better. That might have had nothing to do with it, but we got our deal and that is what counts.
Bottom line, in this market I would make any kind of offer to get the dialogue going. Justify your offer and be patient.
Ellen M. Cassidy
From what I heard and my own experience lenders don't like to go more than 10 to 20 % below the Fair Market Value. Of course this my differ in different areas, but is not a bad "rule of thumb".
Ron Bell (again)