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Old 07-24-2009, 08:58 PM
 
157 posts, read 458,209 times
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I am interested in a house. I have some basic understanding of how a short sale works... but my big question is...

Say a house on short sale is listed at $320,000. Is that basically the low price the house could be had for? I understand the third party needs to be paid off to a certain extent... Anyone know of any stats to show or just basic knowledge of if it is possible to have a lower offer go through? (Time is not an issue for me, as I understand these type of things take much longer usually then a normal sale).
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Old 07-24-2009, 10:01 PM
 
Location: Long Island (chief in S Farmingdale)
22,196 posts, read 19,481,704 times
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I could be wrong, but I think it is possible that you can make a lower offer. However, it does depend on the lender itself and how much lower they believe they could go without losing more $$ than they would going through with a foreclosure.
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Old 07-24-2009, 10:18 PM
 
Location: I'm gettin' there
2,666 posts, read 7,339,938 times
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I had seen a house on short sale for 379900.... the agent said the bank does not have a lot of wiggle room.... A couple of months back I checked that it sold for 350k.
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Old 07-24-2009, 10:59 PM
 
Location: Long Island
9,933 posts, read 23,170,746 times
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A lower offer might be possible as long as you can substantiate why the lender should accept it. It's a labor intensive process and requires more than basic knowledge, but done properly/effectively, it can be successful.
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Old 07-25-2009, 08:38 AM
 
Location: I'm gettin' there
2,666 posts, read 7,339,938 times
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I have a question though.... since it takes a while for the bank to accept the offer.... what if you find something before the bank comes back to you ? Can you still look at houses and make offers ?
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Old 07-25-2009, 09:22 AM
 
Location: Long Island
9,933 posts, read 23,170,746 times
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Quote:
Originally Posted by zulu400 View Post
I have a question though.... since it takes a while for the bank to accept the offer.... what if you find something before the bank comes back to you ? Can you still look at houses and make offers ?

Hopefully you're working with the same RE agent on this

Until an offer is accepted, nobody is obligated...
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Old 07-25-2009, 12:39 PM
 
Location: I'm gettin' there
2,666 posts, read 7,339,938 times
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Quote:
Originally Posted by Elke Mariotti View Post
Hopefully you're working with the same RE agent on this

Until an offer is accepted, nobody is obligated...
No, I have not put any offers on a short sale, it was just a question that crossed my mind.... you know.... because if its not a short sale then things get sorted out quickly after the inspection and we get to the contract where the buyer has to put some money that he/she can potentially lose.
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Old 07-25-2009, 03:14 PM
 
Location: East Northport
3,351 posts, read 9,766,061 times
Reputation: 1337
You can definately make a lower offer then the listed price. Like any offer (short sale or not) it does not mean that it will be accepted. The problem with some short sales is that the seller/agent has not yet lined things up with the bank, so the bank may not even approve a full price offer.
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Old 07-30-2009, 07:01 PM
 
44 posts, read 178,713 times
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Bidding on a short sale is pot luck. Sometimesw you can go lower than the listed price, if there are no other bids. If there are other bids, sometimes you may have to go higher. The bottom line is, is the house still a good deal. You may have to wait over 6 months to get or if the price is pre approved and you have good credit and sizable down payment, your chances are good.
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