Profile picture for BarbaraBroussard

when a house is a short sell do you pay the listed price or the estimated value

  • October 14 2013 - US
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Answers (9)

Best Answer

Barbara, you may not need a lender, but Edyta is telling you that it's the SELLER'S lender that determines how this transaction plays out.

All the best,
  • October 14 2013
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Profile picture for BarbaraBroussard
Met with our agent today and it went very well. Thanks to the advice from everyone. I offered the full list price, not the zestimate, lol, and put down a deposit, with  a money-back (in writing) guarantee on my deposit, if things don't work out. I sent a letter from my bank guaranteeing I have funds to pay for the house, so now I am waiting to hear back, and I am hoping it will not take a real long time. I also offered to rent it, in the meantime, because there were rentors in there about a week ago. So, thanks again, for all the advice.
  • October 15 2013
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Profile picture for j3350489
Do not use the Zestimate . Your Agent you do a CMA for you and show you what the house is worth . At the end of the day it comes down to how much you want the house . Don't lose the house over a few thousand dollars . I see it happen all the time and most of the time the buyer kicks themselves for not going up .
  • October 15 2013
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In a short sale the list price is the listing agent's best estimate at what the property will appraise for, as the bank holding the mortgage will conduct an appraisal to determine market value and the final short sale price.

As others have posted, do NOT rely on a Zestimate for any reason.  There is no single mortgage lender that will use a Zestimate for an appraisal.  

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  • October 15 2013
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Do not use the Zestimate as ironclad value.  Your real estate agent should be advising you as to value.

Be sure your contract contains an appraisal contingency.   Should the property fail to appraise at the price you agreed upon, you can terminate the contract if the seller will not reduce the sales price to appraised price.
  • October 15 2013
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Don't even look at the zestimate, those things are worthless.
  • October 14 2013
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Profile picture for BarbaraBroussard
Thanks everyone. I don't need a lender, fortunately. Just trying to figure out the difference between the list price and the zestimate, and which to offer.
  • October 14 2013
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In short sale process the final price will be set by the lender and investors. Any offer despite if it is a foreclosure, short sale, traditional sale should be based on the values of similar homes sold recently in the neighborhood.
Listing price does not always represent property's current market value-it may or may not.
  • October 14 2013
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Profile picture for wetdawgs
Listed price or as negotiated with the seller (starting at the list price).   The estimated value (the Zestimate) is only a starting point for comparison of properties.   It is presented with a range.   Click on the FAQ (see the bottom of this page) to learn more.    Do not put too much weight in the Zestimate, use it only for a rough estimate.

  • October 14 2013
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