Comments on: How To Determine a Short Sale Purchase Offer

By: Traveling1276

Traveling1276 — Wed, 28 Mar 2012 05:15:00 +0000

Awesome article so informative ! have already sent link to article to friends to help

By: Milly716

Milly716 — Tue, 21 Feb 2012 01:23:00 +0000

this article was very informative, but im a little confused. i submitted a short sale about a week ago. the seller has accepted and it has been submitted to the lender. House is listed at 289k and has been on the market since july 2011. my realtor feels the he would have listed the house at about 255k. it needs about 25k worth of floors and cosmetic work. no one lives in the property since july 2011. we offered 238k with 3k back in closing. whats your opinion on this offer? my realtor thought it was low but worth a try. ??

By: jp moses

jp moses — Thu, 16 Feb 2012 00:10:00 +0000

If it’s listed at $350K, then your $340K offer sounds strong. I’m guessing the $350K list price probably came from the lender telling the seller what they might consider. So you’re in the ball park. I’d say it sounds like a strong offer to me.

Thanks for commenting!

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By: Shughes920

Shughes920 — Wed, 15 Feb 2012 23:49:00 +0000

We have an offer on a Short Sale about 3 weeks ago. the listing price is 350k we offered 340k and asked for 4k towards closing. The bank has not gotten a BPO yet, so it hard to determine what the value of the home is. It is in good shape needing only cosmetic and a bath tub update. We have a Conventional loan with 10% down and are taking the property “as-is” The seller has 2 loans with Wells Fargo and owes a total close to 500k do you think this is a good offer? We have been looking for a long time and dont want to lose this one. The Seller has already accepted our offer and we are under contract and in Escrow with them but now it just lies in the banks hands.

By: Jeanna29

Jeanna29 — Mon, 23 Jan 2012 04:24:00 +0000

Does a real estate agent get paid more on short sales than on a Fannie Mae house? I’m trying to figure out why my agent keeps pointing me to a short sale that’s a lot less, but needs TONS of work in an amazing area. Rather than a Fannie Mae house that’s $70k more in the same area, but 20years newer with less work???

By: Jeanna29

Jeanna29 — Mon, 23 Jan 2012 04:14:00 +0000

Foreclosure may be a better deal for you. You may be able to get a better price.

By: Thomas Nguyen

Thomas Nguyen — Fri, 26 Aug 2011 01:15:00 +0000

can the net proceeds be higher than the BPO or appraised value? I submitted a short sale to the lender in which the offer price is $155,000. The appraised value is $155,000. The lender want a net proceeds of $174,000 while the current outstanding balance on the mortgage is $250,000.

By: HomeTivi

HomeTivi — Thu, 09 Jun 2011 17:10:00 +0000

submitted a shortsale offer last Friday and found out on Monday that
the property has moved into foreclosure with auction date set in 3
weeks. How does that effect my offer? Would it even be considered?

By: jp moses

jp moses — Fri, 27 May 2011 21:30:00 +0000

In my opinion (and experience) the second lienholder is not in much of a negotiating position. They stand to gain NOTHING if the short sale doesn’t go through. And I’ve not known first mortgage holders who are taking a huge hit with a short sale to be very understanding to the second lienholders and offer them large chunks like that. I’d say they need a reality check…which might mean you tell them something like, “Ah, the deal doesn’t make sense to me that way…I guess I’ll have to pass…which means it’ll be foreclosed on by the first…which means you’ll get nothing instead…ah well…let me know if you change your mind.”

Always be willing to walk away.

…jp

By: Kelin

Kelin — Fri, 27 May 2011 20:52:00 +0000

We are about to place an offer on a short sale, and we have one “red flag”. The junior lien holder is requiring that they get $30,000.00. They want $10,000.00 from the senior lien holder, $10,000.00 from the seller, and $10,000.00 from the buyer. As the buyer, is there anyway for us to negotiate out of this situation? It will not go towards our equity, so basically we are paying off someone’s debt.