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I found a home that is being sold as Short Sale that I am interested in.
It is up for sale for $265,000 and Selling Realtor states that it is a Bank Approved Short Sale.
It has Lis Pendens for $356,000 (12/2009) through Sovereign Bank. The price of the home was listed originally for $339,000, then reduced to $325,000 and now to $265,000.
I have been able to see the home and want to make an offer.
I am a first time Homebuyer and have $40,000 Cash for down payment and closing costs and have already been pre-approved for a mortgage.
I want to offer $255,000 but I am worried that someone else would submit a higher offer.
would asking for 3% closing costs from bank be pushing it?
The selling Realtor advised me that there have been multiple offers that didn't go through due to no financing.
Realtor was very eager to show it and stated bank is very motivated (Lis Pendens is from 12/2009) and home was first listed for $339,000, then down to $315,000 and now $265,000.
The selling Realtor advised me that there have been multiple offers that didn't go through due to no financing.
Yaaaawwwwnnnn...Yeah, they all say that. A realtor could be selling a doghouse, and yet they'd still boast about how charming and practical it is, and how they've received MULTIPLE OFFERS on it.
I'm not sure about the 3% on closing costs. One of the other members of this board might be better informed on this possibility....BUT don't for one minute believe the seller's realtor! They're all LIARS
In most, if not all, markets, "offer" means to sell (I'm offering to sell to you a widget or a house or a ????? at a specified price or barter exchange) and "bid" means to buy (I'm bidding to buy from you a widget or a house or a ????? at a specified price or barter exchange).
would asking for 3% closing costs from bank be pushing it?
The selling Realtor advised me that there have been multiple offers that didn't go through due to no financing.
Realtor was very eager to show it and stated bank is very motivated (Lis Pendens is from 12/2009) and home was first listed for $339,000, then down to $315,000 and now $265,000.
Do you have your own agent or are you going through the listing agent (who represents the seller)??
would asking for 3% closing costs from bank be pushing it?
The selling Realtor advised me that there have been multiple offers that didn't go through due to no financing.
Realtor was very eager to show it and stated bank is very motivated (Lis Pendens is from 12/2009) and home was first listed for $339,000, then down to $315,000 and now $265,000.
I don't think the bank will do that.
Also be prepared to pay the real estate transfer tax that the seller usually pays. In these cases the banks won't pay for that.
Didn't mean to hijack the thread but also have a few question about short sale.
Does the bank take one offer at a time or find the highest offer?
Also I see a few house that is short sale and is waiting for a answer. At this time can I put in a offer? How long does a answer usually come back.
I am just wondering.
thanks
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