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Making an offer on a home?

I found a home listing price 127,000 just reduced by $12,900 it's short sale by seller/listing agent...Not sure what I should offer? Thanks.

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March 19 2012 - White Lake
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Answers (6)

I can NOT stress enough, that in a short sale, the listing price truly means very little. Neither the listing agent  nor the seller actually know what the bank will accept. So ...find a good realtor to work with and make an offer that is similar to the current market. Usually, but not always, you can bid up to 15% below the" normal" market. Expect to wait 3 to 4 months for an answer from the sellers mortgage holder and it may be a counter, and acceptance, or a rejection (no answer.)

The one exception is a pre-approved short sale. You should offer the listed price and expect an answer in 10 days to two weeks.
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March 21 2012
As agents have said before me- find an agent to represent you, preferably one that understands the short sale process. They will find comparable sales in the past few months in the area and inform you of the current value of the home.

There are also different strategies when it comes to submitting short sale offers- but that is for your agent to discuss with you.
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March 20 2012
Short sales are not easy to handle, why don't you try to work with a buyer agent who would represent your interest?
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March 19 2012
I would find an agent that will work for you if your dont already have one. A buyers agent will do all that work for you and it does not cost you anything to have an agent represent you in the transaction.  Good luck 
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March 19 2012
Are your working with a buyers agent?  They should provide you with comparable sales of like properties within the last 3-6 months.  With this information you can make an informed decision on what to offer.

Good Luck!!
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March 19 2012
I would begin by looking at what nearby, similar homes have sold for in the last few months. Do you have a buyer's agent?
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March 19 2012
 
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