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Can I offer lower price than what is being asked for a short sale house price?

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April 03 2010 - Buena Park
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Answers (4)

It's very important in this environment where banks fear fraud that you have a good understanding of the market in the area you are submitting an offer. Short Sales may offer a discount, however, they need to be realistic in order to be approved. Many listing prices on Short Sales may be unrealistic. You need to work with an Agent who understands the process. Many Buyers think that any offer will be accepted on a Short Sale because the lending institution is "desperate". Not the case. Short Sales require a lot of homework and patience.
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October 17 2010
Read about short sales so that you understand the process. The link leads to part of an excellent real estate reference and primer that I recommend you bookmark for ongoing use.

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April 05 2010
Hopefully you have an agent helping you with the offer.  Make sure your offer is in the ballpark of what the home is worth.  The sellers have to accept your offer before they will even submit it to the bank.  If the sellers are worried about time running out and the bank foreclosing, they are going to want to get the best offer possible in hopes that the bank will accept it, and move forward instead of foreclosing.  However, if your agent has looked at the comps and thinks it is priced too high, it cannot hurt to make a low offer and let them counter.  Good luck!
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April 04 2010

Hi Connect,

You can submit whatever offer you please. If the listing is in the beginning stages of the short sale process, your offer will be submitted to the bank for approval. If the short sale is already approved, then usually the bank has an "approved sales price", if your offer is lower than that approved price, negotiations will have to start ALL over again to approve your offer price. If you're really interested in closing escrow on this home, and if the asking price is reasonable, You should submit a full priced offer and keep your fingers crossed! Good Luck & Happy House Hunting!

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April 03 2010
 
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