karl,thank you. your response makes a lot of sense and is extremely helpful.
hi tim,thank you for your response. i'm not looking for speed here as i do realize short sales do take quite a bit of time. my issue is that i am essentially being forced to promise in writing that if the bank does counter with a different price that i will be open to accepting it. is that standard practice with short sales? as you say, the bank could take months to respond and when they do, i want to then take that time and process the numbers and whatever else is being put in front of me. i dont want to be forced to make a promise in writing that i may not be able to keep when the time comes.i am just wondering how i can show that i am interested and when the bank does come back with something, i will make my decision then but certainly not beforehand.
We recently put an offer through our buyer's agent on a home that is listed as a short sale. Our offer is 5% lower than asking price. When our buyer's agent submitted the offer, we received news from our agent that the sellers agent wanted to know if this was our best offer or if the bank came back with a counter would we be willing to entertain it. They wanted a definite Yes or No answer.I am feeling as if the listing agent is trying to back us into a corner and force us to say whether we are willing to pay more prior to even the bank looking at our offer. I do like this house, but at the same time, I want to get it at a good price. The house needs work and I do feel I offered a strong offer price. In addition, I know I am the only offer on this house right now and the house has been on the market for more than 6 months with only one other offer prior that didn't go through because the buyer's didnt want to wait in the bank's response. At the same time, I am feeling a bit frustrated with my buyer's agent. Isn't it his job to tell the listing agent to send the offer to the bank and let the bank counter?If anyone could offer advice on how to handle this situation, it would be much appreciated!
I am interested in purchasing a new construction in northern nj. The dilemma I have is that with the house priced at $780,000 it is currently the most expensive house for sale in the town where the average home is around $400k-$550k. The surrounding houses in the neighborhood are around this price range. The town has a good school system, family friendly, and has a rail line within walking distance. I am hesitant in purchasing the house because I am worried that it will not appreciate. Am I wrong in thinking this way? I do love the house, but I don't want to be in a position where if I ever need to sell, I will end up selling for less than what I paid. Is this house worth it?
I am thinking it is a bit overpriced, but wanted to know what are some of the experts' thoughts. What would be a reasonable offer on a house like this?