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short sale strategies

I am interested in a property in a very desirable neighborhood.  The price is so low I fear a bidding war is certain.  How do I make my offer THE offer? 
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October 14 2013 - Corn Hill
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Answers (5)

A short sale is different from a foreclosure.  The seller accepts the offer first, the bank has the final say in whether or not the offer is accepted.

If you already know the home is under value and expect a bidding war you either get in the fray or stand back and watch.

You are in New York so I'm no sure what the procedures are.  You need a buyers agent who is experienced.  In some states there is a document known as an escalation addendum.  Talk to your agent about it and see if it is available in New York.

If you are using any kind of financing contingency your offer may be trumped by a cash offer.

If you have not toured the property yet - do it immediately with a buyers agent, and be sure you actually want to make an offer on the property. 
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October 15 2013
You definitely need a good buyer's agent to assist you.  It costs you nothing.

If this is a foreclosure sale, the banks want a "clean" offer.  "Clean" means no contingencies or short contingency periods, quick closing, financing already approved or proof of cash funds, as well as being a legible offer.

You would be surprised at how the legibility aspect comes into play with lenders in a foreclosure sale. Think electronic signatures so there is no faxing or scanning.

You should also try to forget about the list price.  I always tell my buyer clients in a multiple offer situation to offer the price that won't cause them to kick themselves later for not making a higher bid.
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October 15 2013
maybrook24 - I have an entire team with experience with countless liens.  The key to any negotiating is to determine what the seller is looking for.  Sometimes (not often) a price from the bank is already determined so offering more money would be a mute point.  More likely than not it will be your price.  Either you or your agent need to call the listing agent and have a conversation.  You can have anything in life you want if you just help enough other people get what they want. - Zig Zigler  They key to negotiation is finding out what the other side wants and then put together a deal that feeds their needs and yours!  Wishing the best for you and your family!
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October 14 2013
Find a Buyer's Agent to assist you.  When we are Buyer's Agents, we have a number of data sources we use to come up with a dollar range offer.
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October 14 2013
When a property is priced aggressively, it can indeed bring multiple offers. Have your agent contact the listing agent and ask when offers are going to be presented. In a short sale the seller needs to approve before it goes to the bank. Speed is going to be your friend. Get an offer in and don't be afraid to go well over the asking price...not just a couple hundred dollars...thousands or tens of thousands. Look at comparable sales in the neighborhood and then ask yourself if you are willing to lose out over $X.
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October 14 2013
 
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