Short Sale Offers (duplex, appraiser, auction, negotiations)

[cc4583]

Hi Everyone. I was hoping to get some input regarding a short sale offer. I placed an offer on a short sale that is listed for 160K. My first offer was rejected by the bank with no counter. I went back and offered the full 160K and did not ask for any concessions. The house has been on the market for about 3 months and I have been the only offer. The house is located in an area where there are many larger homes valued much higher than this home. I used a few online tools and the value looks to be around 169-170. Doe anyone have any insight as to what the bank will accept? I offered the full listing price but I'm worried the bank will want more.

[2bindenver]

The bank will want an offer at fair market value as determined by an appraiser or a broker price opinion.

[rjrcm]

2bindenver is correct, the bank will want a market value offer. Keep in mind that the bank does not set the listing price, the current owner and their agent does. The listing price may be totally off base. Also, other factors may affect the bank's willingness to approve a short sale, such as the owner's justification for wanting to sell short. More than one mortgage will complicate the negotiations.

[jamaicabound60565]

Originally Posted by cc4583

Hi Everyone. I was hoping to get some input regarding a short sale offer. I placed an offer on a short sale that is listed for 160K. My first offer was rejected by the bank with no counter. I went back and offered the full 160K and did not ask for any concessions. The house has been on the market for about 3 months and I have been the only offer. The house is located in an area where there are many larger homes valued much higher than this home. I used a few online tools and the value looks to be around 169-170. Doe anyone have any insight as to what the bank will accept? I offered the full listing price but I'm worried the bank will want more.

If you have any deadlines at all don't waste your time. Many banks have policies that they wont accept an offer until 3 different people have presented offers so your at the mercy of waiting for two more people to outbid you.

I offered asking price on a duplex in a nieghborhood where there's a lot on the market, they never got back to me about my offer a year later it sold at auction for 25K less than I offered a year earlier.