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Purchase a short sale

I'm interested in putting in a offer on a short sale property that was just listed. The propert is estimated to be worth 209,000. It is selling for 169,900. My agent informed me that the bank won't drop on the price. It's a beautiful home. Would it be wise for me to offer full asking price with 3% sellers concession. I don't want to miss out. I looked at about 15 to 20 homes and this is the one. Please advise? Help1
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July 07 2009 - Woonsocket
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Answers (6)

Confidence in you agents abilities to give you good advise is very important in ghe home buying process whether it is a short sale or any type of sale. Trust your agent, he/she has your best interest at heart.
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July 08 2009
You are getting a good deal if the property is valued for more than the asking price and just as Susan Joeseph said, the process of buying a short sale is very long, 180 days in this current market is not at all unrealistic. So be very patient if the seller accepts your offer then it is up to the bank to approve the sale and this is where the waiting game starts.
  
If your not in a hurry the short sale is the way to go becuase the property is still being mantained bey the current owner in most cases and the price is really good. Good luck.

Also check out my free information website for more helpful information just click here!
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July 07 2009


Hello,

It is unethical and against the "Realtor Code of Ethics" for an agent to get involved in a contract situation between another Realtor and their client. It is best to ask the tough questions to your agent.  That is what they are for. 

Good luck in your search!
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July 07 2009
If your agent has valued the home at $40,000 over the asking price, it would seem like a smart investment, which is how you should approach any property purchase whether you are a first time home buyer or buying a vacation home.  It is a long term investment in most cases and while it may be difficult to separate emotions and common sense, it is a great situation to be in to have value AND a home you love!  Good luck!
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July 07 2009
Short Sale Video

First of all, know what you are getting into. Short sales are great deals, but I have two that have been under agreement for 6 months. Be prepared to stay the course. If you want the house, pay full price. You hired your agent because hopefully you trust them. Follow the advice, they know the market best...good luck!!

I have a video that answers a lot of short sale questions...check it out
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July 07 2009
Better jump on it!
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July 07 2009
 
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