How much can you offer on Short Sale homes??
We are looking to purchase a home that is currently being sold as a short sale. It was listed for $155,000 and now being listed as a short sale for $139,900. With the housing market being SO bad, we don’t know what to offer. We don’t really even know what a short sale is. The home was built in 1997 and is in a good neighborhood. It’s also in great condition. What is a short sale and what should we offer???
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5 Comments
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$100
As was explained to you before the bank has to approve your offer . Do not skip inspections.
Offer no more that 100-115K to begin with they can always counter offer.
You will go through the same process with the loan etc. as with any purchase.
Good luck
ADDED
“The seller will be responsible for the difference between the old amount owed and the new sale price.”
Sorry Jon but if the bank accepts the short sale the SELLER is NOT responsible for the difference!
A short sale (or sometimes called a compromise sale) occurs when a mortgage company agrees to help a homeowner sell their house even though the homeowner can’t sell the house for enough to pay off the mortgage.
If an owner in that situation has no cash in the bank or any other asset that can be sold to pay the difference, the bank will often agree to “forgive” the difference or loan the seller the difference on a personal note.
The bank would want to assure themselves that:
The home is being sold for as high of a price as it possibly can in the current market.
The seller has no other alternative and the loan will soon be in default if the short sale is not agreed to.
There is no fraud involved in the original purchase or in the current sale. (If you are attempting to short sale to your boyfriend to defraud the bank for example)
That the bank will be better off accepting this short sale than foreclosing on the house.
——————–
None of this means that the house will be a good buy for you. To determine if it is a good price for you then you would need to compare this house with other homes on the market that are similar. Pick the one that you will be happy with and happy with the price–that is the best house.
you can offer what you feel comfortable with but it will be up to the lender not seller if they will take your offer
A short sale is selling the property for less than its worth.
You can offer what ever you want. But if you want them to accept you offer, it has to be in an area of where the house in appraised.
The seller will be responsible for the difference between the old amount owed and the new sale price.
So :
Do all the inspections
Have the house appraised.
Don’t buy all the house you can afford, buy the house that you need.