Sellers ultimately will accept the closest to asking price and that would be optimized within 5% of listing price. It is very important to know the market value of the house and note if the house is already priced lower than that for a quick sale. In the case of a quick sale, you or your realtor need to get an idea if there is lots of interest and offers coming in. If so, you are looking at asking price or more to get the house.Generally, the house list price can be negotiated down in almost all cases when it is a buyer's market, which is now! Just be aware that short sales require a certain percentage within market value to be accepted. Foreclosures as well. Every bank has their own guidelines.Obviously, go with your gut based on what you have seen being sold and that is actively on market to compare to. Often my buyers offer less and get it. That is why I provide all the market statistics and comparables and the buyers offer what they think the house is worth. I consider a first offer a base at where negotiations can begin if it is a low offer.It is ultimately what the buyer is willing to pay for a house.
Always request from the seller any monies to offset any unexpected problems during the inspection period. You have nothing to lose but earn more money or get the seller to repair it for you. The best way though to be totally satisfied with the repair, you should really get a seller concession back at closing to pay for the repair. Then you can be sure you are fixing it right yourself or if you want the seller to repair it, you can have it inspected after the repair to make sure it was done properly.Always negotiate though! You are in a buyer's market currently. Only time you might not be able to negotiate the repair is if you are buying a foreclosure or short sale. They are usually sold "as is".
The answer is yes. Most banks have a better system of processing the short sales, especially Bank of America that has software online to initiate a short sale. They have become very efficient but negotiating is still the number one reason they don't get approved so quickly. Good repoir with the loss mitigator and knowing your home market value very well as well as documenting all showings and repairs needed will convince the loss mitigator that you are doing your job. They need to feel convinced that you as the listing agent have done all you could to bring the best offer and know your marketplace. Also, giving your own BPO to the bank will be a hgreat guide when the BPO is not coming close to market value.As you can see many factors still play a large role in getting the short sale approved.