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Help!

I really need some advice from some professional  who can tell me what 's kind of game I am facing right now? I make two offers on short sell houses for-FULL PRICE and they all came back with rejection saying I am the lowest offer.  Isn't the rule says that we should offer may be 10% below the asking price (not to mention that I am pre-approved for the loan, have excellent credit score, and have enough fund to open escow any time, plus I offer full price)? I emailed them back saying I am more than happy to make a new offer, but all I heard is "sorry, we already accepted other offer." It's frustrated and I do not sure how much I should offer in the future if I see the house that I like.  Thanks 

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September 27 2010 - Missoula
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Answers (5)

Profile picture for wetdawgs
Shorts sales can be a pain.   There is no rule of offering 10% below asking, and when offering 10% below asking you are helping the bank delay the decision process.   The right offer is the market value of the home, and sometimes that may be 10% below asking and other times it might be 10% above asking.

Not very many short sales are coming to closing (<20% in some states), so even if a better offer was accepted it is still possible that the lender will hem and haw so long that closing won't happen.
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October 01 2010
Get yourself a professional who has experience in short sales in your area.  Some houses are going for more than asking with multiple bids.  They might have just bid 1 dollar more than asking.  Some agents are creative when it comes to these deals.
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October 01 2010
I have to agree with Michael on this one. Always take advise from your real estate professional that you're working with and offer what he/she feels is the legitimate market value of the home. Otherwise, face rejection every time. 
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October 01 2010
I'm seeing short sale properties being listed below comparable foreclosed properties. So there is no magic formula when pricing a short sale home.

You need to offer what the property is worth. And sometimes that's more than asking price.
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September 27 2010
Depends on what the market value of the house is that you are bidding on.  Some short sale and foreclosure properties are being listed below the actual market value to entice multiple offers.  Most times the house ends up selling above list price. 
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September 27 2010
 
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