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Answers (6)
- Stephen FitzMaurice, "Top10Percent"
- Contributions:1216
Each short sale is a different situation. You would have to talk to the listing broker, (better to have your own agent do it) to find out if it will sell quick or not - some do - some don't - regardless of whether or not they have previous offers.
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- Fred Chamberlin, "Eugeneloanguy"
- Contributions:8
I know that the information that Melina gave you is right on. You also should make sure you are pre-approved for the offer with a reputable lender. This will make a lot of difference to the bank when deciding to either accept or decline the offer. You should also be prepared with your lender to move forward rapidly when and if your offer is accepted. It will do no good to order appraisal and inspections until you know if the bank will take the offer. Work with someone that can do this quickly when they need to. Also, be prepared to wait.
- Melina Tomson, "Melina Tomson"
- Contributions:290
I encourage you to get a buyer agent that can qualify the listing agent. The ability for this transaction to close depends on the situation of the seller, the lender situation, and the skill of the listing agent if they don't refer out the negotiations.
Get a buyer agent to assist you in this process. Zillow, while a nice forum, is not helpful in short sale and foreclosure situations.
Get a buyer agent to assist you in this process. Zillow, while a nice forum, is not helpful in short sale and foreclosure situations.
- Josh Miller, "JoshMillerRealEstate"
- Contributions:39
The key element to a successful short sale is a listing agent who is on their game. The bank is going to require a substantial amount of information from the sellers in a particular format, order, etc. to even look at your offer. Provided that the listing agent is doing their end of the deal and your offer is close to current market value, you could have a successful transaction. Unless your are sure that you've found THE house for you, your consideration as to make an offer or not should include an interview of the listing agent to make sure that your not wasting your time with an offer that will go no where. Feel free to contact me should you have any further questions.
- Jeff Konstant, "jkonstant"
- Contributions:1970
In order to know what to offer, you need to know what it's value is at the time of offer. In addition, your offer should contain language that permits you to walk away at any time prior to the seller's lender giving you written approval and no earnest money ishanded over until then a well. Be sure to include an appraisal contingency inthe event it's value declines during the long wait. So yes, it will likely take some time. I have found the key to most succesful short sales is the listing agent and their ability to keep the owner and their lender moving forward.
What is owed to the bank, asking price and the Zestimate from Zillow are not the same as it's actual value.
What is owed to the bank, asking price and the Zestimate from Zillow are not the same as it's actual value.
want to purchase home that is short sale
Home has been for sale 1 year and on short sale 8 months with no offers. Zillow price 246,000, amount owed to bank 274,000 and on short sale for 180,000, how do i figure out what to offer? And since no offers, could this sale still take as long as other short sales?
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