Everyone loves a bargain! When you hear key words like foreclosure and short sale, do you instantly think bargain???
Every situation is different but when a bank lists a property it’s usually below market value. The bank will keep property active long enough to get as many offers as possible. Yeah, the listing price might be set low but at the end of the day there are multiple offers which cause the price to be elevated. This is also called a bidding war. The process can become very aggravating for a buyer as they get constantly get out bid. Keep in mind some properties have been vacant for a lengthy period of time and will need a chunk of money to make livable again.
A short sale can be a lengthy process but not always. I suggest offering on a bank approved price short sale as all of the negotiations are close to being completed. You submit contract to seller for acceptance and you pretty much already know the bank is going to accept the pre-approved price. There are no games to elevate price.
Please utilize a great agent so you do not over pay because a property has the bargain words!
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