Profile picture for eskielover

How firm is a bank on the asking price for a short sale? Is there any room for negotiation?

I'm interested in a house that on the surface appears to have the kitchen torn out.  Obviously, that needs to be replaced.  I'm assuming there are other items that need to be repaired as well.  However Zestimates indicates that the house is worth only 15,000 more than the asking price.  It seems to me that it would be very easy to go over the worth of the house on this asking price. 
  • February 08 2010 - Brighton
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Answers (4)

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I have had banks in Denver accept 40% of the loan amount on the property. Banks will use many other factors in determining how much money they will take. But I encourage you to play the game. It can be profitable.

  • February 09 2010
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Profile picture for UNiRAC
Sweat equity for repairs and offer 20% less,,,if that fails, walk away . Been thar' Don'dat
  • February 11 2010
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Profile picture for wetdawgs
A Zestimate is only a starting point in comparison of properties and is not the house "worth".      You need to get some information on comparable properties and then do appropriate adjustments for things that need to be fixed (such as the kitchen).

  • February 10 2010
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Zillow is not a valuation tool.  A property is only worth what a willing buyer is willing to pay a willing seller.

You can view the property with your agent and determine what value it has to you.

If you decide to go forward with a rehab loan - there will be two appraisals - one as is and one all fixed up.  You are responsible for the estimates.
  • February 08 2010
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