@!#$ %^&*: Interested in a house listed as a short sale? What are some tips?
The house is on sale for $ 139,999. I am planning to offer $ 120,000. This house has been on the market for about a month. I have an appointment this Sunday to actually go inside the house and look around. So far, I like the house. The seller claims to have fixed mostly everything inside and outside the house, and it looks like the claims seem to be true from the pictures. What are some useful, good tips? Should I reconsider this? What are some advantages and disadvantages? Please help. Thanks!
Answers and Views:
Answer by NaturesDoctor
Banks rarely want to take less than the offer for a short sale, one month is not long on the market, they will wait a few months before they accept a low ball offer. Check the comps in the neighborhood, are their a lot of homes on the market, or a few? Is the owner still making the payments? If yes, the bank has no incentive to sell the home quick.
I agree — depending on the exact details — you are probably being unrealistic.
Homes are usually priced with 10% wiggle room: $ 126,000 in your case, although short sales can be notoriously difficult.
The three “typical” cases are
(a) buyers with cash, experience, and connections pay less.
(b) buyers in desirable neighborhoods & areas of town get into bidding wars and pay more.
(c) buyers of homes in good condition are usually forced to pay the list by investors who will buy the home to rent them. The price of the home you are asking about is in prime rent country (rent between $ 900 and $ 1500 a month).
My “tip” is to double down on the research. Look at everything similar that has sold within at least a couple of miles of this house. If $ 120,000 represents a fair average of homes in similar condition, go for it. If not, expect offers farther away from $ 130,000 to be shot down cold.
Answer by kemperkasap; call a real estate office and be joined by an experienced BUYER”S agent.
A buyer’s agent may NEGOTIATE For a buyer!
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