I have been asked recently will a lender accept an offer of $100K on a short sale property listed for $179K. The answer is two fold. When negotiating the BPO comes into play - a synopsis of the current area listings, how many listings there are in the immediate area, properties sold and see how inline with those the offer is. I also take into account the area, state and condition of the property and the cost of repair. I factor in how long the property has been on the market.
Any offer can be submitted but lenders have the right of refusal. I have also noticed in some areas REOs are selling for more than the listed price. I also have had lenders opt to send the property to auction rather than entertain offers considered below market or as some investors call it "blood in the water".
This brings to play what are your intentions with the property - primary residence, holiday home, investment property etc. and how much do you want it? What is it worth to you if you remove REO or short sale from the heading? It's a numbers game and you need to make a valid case to substantiate your offer.
If you have any questions contact me any time,
With warm regards Heidi and Your A+ Closing Team at
A Plus Closers, LLC
3530 Magellan Cir. Suite 615 Aventura FL 33180 T
el: (305) 935-9114 Tel: (847) 235-4527 Toll free tel & fax: (866) 514-6662
visit us on the web at: www.aplusclosers.com
PROFESSIONALS GOING THE EXTRA MILE TO PROTECT THE BOTTOM LINE
Short Sale processing – for real estate agents/ brokers, attorneys & investors
Independent Escrow & Settlement Agents
Courtesy Closers
BPO
Property Investor – Proforma & Due Diligence
Loss Mitigation
Comments(3)