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short sale

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Can you make an offer on a short sale for 10-15 less than list price and get it approved? Why do so many agents not want to show me the "BUYER" short sales? In my area there are only shortsales and forclosures available. Forclosures are going for 20k over the listed price, so it won't work for me, since my pricepoint is under 170 in Ca. So whats the deal with shortsales?
Thanks

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June 13 - Bakersfield

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Pat Bourgo, "Pat Bourgo"
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Pat Bourgo, "Pat Bourgo"

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No one wants to show them because they won't get paid for 3-7 months. There is a complicated formula that I have found from expeirence. If you e-mail me I will give your the basics.

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June 22

FriendshipProperties
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The problem is that you can end up waiting 4+ months for bank approval or worse DENIAL. If your offer is rejected you can 'counter-offer' or walk away and start your buying process all over again. At this point are you really going to look at another Short Sale and get tied up for another 4 months? Probably not. The key is to make sure your offer is in-line with the BPO so it gets accepted the 1st time.

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June 14

bginger2003
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bginger2003

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That is helpful. Thanks, When I said "BUYER" I meant if I want to see it, should'nt my agent show me what I want? They work for me don't they? I do understand it takes more work, but if that is what is available, then that is all I have to choose from. Forclosures are all selling for way over the list price, so I would have to look in the 150 range, and there is nothing at all in my area for that low of a price.

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June 13

K101
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List price is basically irrelevant. If the house is vastly underwater, the bank will want close to "market" value - less perhaps 5%-10%, in my experience. So, recently sold comparable sales (the amount that similar homes have sold for within the last month or two) are what matter.

You should not overlook foreclosures based solely on what they are selling for over "list" unless your concern is entering a bidding war (which I can understand and would not want to do either). The benefit to foreclosures is that you can have an answer and close within a short time period. Short sales take months and, frequently, never happen for the waiting buyer.

I don't know what you mean by "BUYER" short sales. However, I bet that a lot of buyers' agents avoid showing their buyers short sale properties due to the time and uncertainty involved. They want that commission sooner rather than later. You may want to keep your eye open for short sales listed with a "bank approved" price. Those have been worked a lot of the way through the bank's system already and give a better chance for an accepted offer within a shorter timeframe.

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June 13

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Question short sale

Question we were countered back with terms that include that we will pay the transfer tax. any worries?

Related Articles about Buying Foreclosures

Guide Bank Foreclosures versus FSBOs

Guide Things to know when buying a foreclosed property

Guide Foreclosure Primer

Guide Foreclosure Overview

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