Profile picture for jameskim80

if you show comp(comparable) to bank, can you buy house cheaper?

I'm thinking to buy condo.
the condo is on short sale but the bank wants 120k cash
but i checked some other condos in same address
they were sold about $70,000 ~ $90,000.
So here is my questions.
1. if i show to bank some of condos that were sold under 90k
  can they sell me that house under 90k also? same others?

2. 
  • November 15 2013 - South End
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Profile picture for RealEstateCrew
Have your Realtor send the bank an offer. 
  • November 16 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A bank is not a person, its a corporation with rules on selling their assets. Typically the rules state they will sell their assets at market value, based on appraisals or BPO (Broker Price opinions), and usually more than one f them. This is to protect the banks shareholders. 

If you were a shareholder of that bank, I doubt it you would want the bank to be selling their assets at a huge discount to anyone who presents comps to them. You would not be a shareholder for long. 

Consider if this condo is what you need, and contact a Realtor or appraiser to fairly value it for you. If its within your price range, present that valuation - an appraisal or BPO - to the bank, then they will probably get one or two more valuations before accepting your offer. 

Sorry, there are few shortcuts in this process....
  • November 16 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for craigfial
You can certainly attempt to justify your offer, but short-sales never follow any normal rules or common sense.  There are many factors at play with short-sales and we are seeing a large number of them failing due to bank delays and over values CMA's.
Unfortunately you just never know what the bank will do, and the owner has to agree as well.

Even if the bank agreed to $70,000 but the seller is required to pay the deficiency, it's likely the seller will not agree to those tems.  
  • November 16 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It really depends on the bank you are working with and your relationship. Actually it depends on your agent's relationship. You really need to be working with an agent to help you cut through the red tape.
In New York, we cannot directly communicate with the underwriter.
But If you have true data then it would be in your best interest to find an agent you can trust and who has a relationship with the bank. have them submit the comps and pray they will review it.

Good luck!
  • November 16 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.