Back to Results
I am looking around shortsale properties. I have seen some of the properties are sold very cheap and below market value. I guess those must be shortsale or foreclosure. I want to offer for a shortsale which is listed as 250k. How much minimum can I offer for this house?
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
There is no formula or strategy to follow than to check out the local market conditions and go from there. Do additional research to find out how much is owed on the property and who are the lenders.Finally, get an agent who truly understands what it takes to sell/buy a short sale.Some agents and their sellers may deliberately price a short sale property much lower than market value , or what we call "artificially low". They do this to attract attention and potential buyers who are willing to wait out a short sale in the hopes that they can get a "good deal."Depending on the area --- i.e., how much has value fallen? --- one can get an idea of how much to offer. For example, one property was bought by the owners for $630k in 2005. But it's now a short sale. Similar properties in the neighborhood were closing at $350K. The new listing was activated at $320K, It received multiple offers for significantly over list price, and close to $400K which is stil 63% of what it last sold for.
There isn't a correct answer. How much do you want this house?
If you love the area and the home, you will want to offer around 15% below the most current sales have been in that area (not including short sales). You may obtain this information from your real estate agent.
Moreover, do you research before making an offer? You need to find out who is in the title, whether a foreclosure notice was filed, how much is owed to the lender and how many lenders, etc? This is very important because it will help you furthermore in establishing how much to offer.
Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.
For Sale: $379,000
For Sale: $449,000
For Sale: $10,000