Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
address: 1909 rio canyon ct., #207, las vegas, NV 89128
And what does this address prove? I assume it's the address of the short sale you discussed. How does this prove the Realtors involved lied about the short sale process?
Is there anyway to know how to make a "stronger" short sale offer to increase the chances of it getting accepted and closing? I hear stories of people who put in full short sale asking price offers - in CASH - and still get rejected many months later. Leaves me wondering - how does one make a strong short sale offer?
Is there anyway to know how to make a "stronger" short sale offer to increase the chances of it getting accepted and closing? I hear stories of people who put in full short sale asking price offers - in CASH - and still get rejected many months later. Leaves me wondering - how does one make a strong short sale offer?
Unfortunately, as a buyer, much of the process is out of your control. The best you can do is review recent sold comparable homes and offer a price in line with those sales.
The list price on the short sale may not be realistic and only intended to bring in an offer so they can start the ball rolling with the bank. Assuming the bank will agree to the sellers hardship situation, and are willing to take a loss on the sale, they will order a market appraisal of the property called a BPO (Broker Price Opinion). They will want an offer that is reasonably close to that value.
You should also find out if there is a 2nd mortgage on the home as the seller will need to get both lenders to agree to a short sale. Your odds go down if there is a 2nd lien holder.
Unfortunately, as a buyer, much of the process is out of your control. The best you can do is review recent sold comparable homes and offer a price in line with those sales.
The list price on the short sale may not be realistic and only intended to bring in an offer so they can start the ball rolling with the bank. Assuming the bank will agree to the sellers hardship situation, and are willing to take a loss on the sale, they will order a market appraisal of the property called a BPO (Broker Price Opinion). They will want an offer that is reasonably close to that value.
You should also find out if there is a 2nd mortgage on the home as the seller will need to get both lenders to agree to a short sale. Your odds go down if there is a 2nd lien holder.
Thank you. We're interested in a house that is a touch out of reach (we're limited by FHA county loan maximums and have to make up the difference with down payment), but were thinking that maybe since we don't have a property to sell, our offer would be more attractive since it doesn't have any contingencies. Does that typically carry a lot of weight, or does it boil down to the BPO?
Thank you. We're interested in a house that is a touch out of reach (we're limited by FHA county loan maximums and have to make up the difference with down payment), but were thinking that maybe since we don't have a property to sell, our offer would be more attractive since it doesn't have any contingencies. Does that typically carry a lot of weight, or does it boil down to the BPO?
Banks won't consider any offer contingent on a home to sell, so really is not a factor since that's standard procedure. Assuming that they agree to proceed with a short sale, it basically boils down to the BPO and conditions they set for the seller. For example, they may require the seller to give a promissory note for the loss the bank will take. The seller may not agree - end of sale. There are lots of variables which make a short sale very problematic and low probability for a buyer.
Thanks for the thoughts (and sorry to the OP for hijacking this post!).
One last question, for short sales, do offers typically come in at or above the listing price? Or is it not uncommon to offer below listing price.
If I were you, I'd ignore the listing price and determine a fair value and offer based on recently sold similar homes. This is true for any purchase, short sale or not.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
