Baltimore

[rm3034]

Can you offer a bank less than the listing price on a short sale ?for example they want 60k ...i would like to offer 50k..is that possible to do and what are the cfhances of it being accepted if you can do it?...thanks

[Karen Regan]

Richard,

It depends on a lot of factors.  Contact me with the address and I will look into the property for you and see if we can come up with a plan.

kregan@ziprealty.com

410-746-4472

Karen

[Rosemary Taylor]

You may offer any amount you wish on a property.  Many times however short sales are listed lower than the bank will actually approve.  The reason for this is that the banks will not even look at a short sale file until there is an offer.  There are many agents not familiar with nor trained to correctly handle a successful short sale.   They will list the property far below the amount the bank will take to just get an offer.  Once the offer is accepted by the current owner (who will sign ANYTHING only because they are getting NOTHING out of the property) the buyer must wait for a response from the bank(s).  In many cases lets say the property is listed for $150,000 and is really worth $225,000 the bank may come back and say that they will not take $150,000 but will take $200,000.  They buyer has now wasted 3 -4 months waiting on an answer only to be told that the offer that the owner took is not acceptable to the bank.  The banks will do what is called a Broker Price Opinion which is a market analysis of the home. They will be basing their decision on that amount.  As a buyer you should know that short sales may only provide you the lower end of market value.  They are not a fire sale.  Banks are not giving the property away.  It is unrealistic to believe that the banks will give deals that are 50 cents on the dollar.  Short sales are good if you are very very flexible in your timing and the home is perhaps in a location that you really love and can be patient enough to wait 3 -4 months to get an answer and another 2 to close.  Be prepared to accept the property in as is condition with no repairs to be made by the seller.  Even after you get a 3rd party approval it is still possible to NOT settle due to other factors.  There is 0 guarantee that you will settle with a short sale.  Your odds may be 60 -40.  Good luck!

[Hujia H.]

This is really helpful. Thanks.

[Susan B.]

Thank You Rosemary for taking the time to explain it so clearly!!  Appreciate your kindness.  Definitely made things clear. 

[Galina M.]

In your opinion, what should we offer for MLS #:AA7770147. Thank you

[Steve Kimmey]

Galina M., I work and sell homes in AA County regularly and would be happy to schedule a visit to this property with you so that the condition inside can be seen first hand. While photos of a listing are nice, believe me, a listing agent will NOT take a photo of something wrong with a property. So the ONLY way to know the real condition is by seeing for yourself. After our tour, if you are still interested in making an offer, and are in a position to wait a few months with no guarantee of your offer being accepted by the selling bank, we can take a look at the comparable homes and what they sold for to decide what a good offer may be. Shoot me an email, or give me a call and we can get your visit scheduled. By the way...once we visit the property, you will be entered to WIN some great prizes up to $2500 from ZipRealty!