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making an offer on a short sale property

Contributions: 16

Q&A

:16

When making an offer on a short sale property, is it wise to offer bellow the asking price? Not sure how they (short sales) work. Do the sellers have to stick to the asking price? The property I'm interested in has been on the market as a short sale for over 4 months.

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February 13 - Northridge

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Patrick Schutte, "Prescott REOs"
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Patrick Schutte, "Prescott REOs"

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Hiya Happy!

The offer you put together will be dependent of several data points including market value, time on market, how many mortgages, is their PMI.

The sellers usually get approval from the bank to offer at a certain price that is arrived at a in a few differnt ways. Short sales are priced all over the place, see the post on my blog on the subject.

I would have your agent do a CMA on the property to determine it's value and then place an offer than makes sense to you and the market price.

If you are interested in learning how to speed up a short sale there is another post on that too.

Good luck with the property in question and let us know how it goes!

:) PS

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February 13

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