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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Short sale not selling
So, we saw a short sale a month or so ago, and the price range was a bit out of our price range so we didn't go for it...in the past two weeks it's gone down 10k, and then another 5K. The realtor said he's allowed to drop it 10K every two weeks until it gets an offer...I've never heard of such a thing, and since it's not gotten any offers, can you offer something that much lower than asking, for instance if there is only one offer on the table and it's ours, but it's 50K under asking will the bank accept it???
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Posted 5/25/10 6:51 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
2BEANS
wow time is going fast.
Member since 9/07 16106 total posts
Name:
Tina
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Re: Short sale not selling
You can offer, but can take a longgg time before you hear from bank. It could take months before hearing back from a short sale offer if you hear anything at all. I would put the offer in doesnt coust or hurt you any to do so. Then keep having your realtor check on it. If you keep being persistant and no other offers are put in you may get sooner than you think. Good Luck hope it works in your favor!
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| Posted 5/25/10 7:53 AM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: Short sale not selling
My parents just bought a short sale and offered like 25K less than the asking price and the bank was more than willing to give it to them for that price. After the inspection, my parents realized that there was a ton of problems with the house and told the bank that unless they lowered the price another 15K, they wouldn't bother buying it.
And the bank said no problem and gave them the 15K off the price!
But, I will say this, my parents were in a perfect place to be buying a short sale. They were ok with walking away if the deal fell through and since they already had a place to live, they didn't care how long the process took. They got some jerking around due to the mortgage company folding while they were buying it, and the bank decided at the last minute to foreclose on the property if the mortgage company wasn't ready by a certain date, etc. But in the end, it paid off because they got a freaking awesome house for 40K less than asking, which was already about 50K less than houses in the area.
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| Posted 5/25/10 8:52 AM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Short sale not selling
Posted by prncsslehcar
My parents just bought a short sale and offered like 25K less than the asking price and the bank was more than willing to give it to them for that price. After the inspection, my parents realized that there was a ton of problems with the house and told the bank that unless they lowered the price another 15K, they wouldn't bother buying it.
And the bank said no problem and gave them the 15K off the price!
But, I will say this, my parents were in a perfect place to be buying a short sale. They were ok with walking away if the deal fell through and since they already had a place to live, they didn't care how long the process took. They got some jerking around due to the mortgage company folding while they were buying it, and the bank decided at the last minute to foreclose on the property if the mortgage company wasn't ready by a certain date, etc. But in the end, it paid off because they got a freaking awesome house for 40K less than asking, which was already about 50K less than houses in the area.
Thx! We're in a very similar position, there is nothing MAKING us have to buy, we own the house we're living in now and don't need to sell it in order to buy the other one, so we really have all the time in the world...so I guess it doesn't hurt to offer...
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| Posted 5/25/10 10:57 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Short sale not selling
alot of people don't want to be bothered with waiting on a short sale
and they are not always good deals
who is saying they can drop it every 2 weeks? the bank or the owner?
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| Posted 5/25/10 1:45 PM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Short sale not selling
Posted by Beth
alot of people don't want to be bothered with waiting on a short sale
and they are not always good deals
who is saying they can drop it every 2 weeks? the bank or the owner?
the bank
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| Posted 5/25/10 2:47 PM |
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