Monday, December 26, 2011

Gauging A Price On A Short Sale

How do you really know what to offer on a property listed as a short sale? Well, there really is no way to answer that question with 100% accuracy. But a few here are a few helpful tips if you are considering making an offer.

  • The bank will normally accept 85% of their appraised value because at 85% they are making more on the short sale than the foreclosure and at the end of the day it's all about what is going to net them the most money.
  • It depends on what the banks "b.p.o." or "broker price option" came out at. If the listing price is 215K that is typically made up by the listing agent who does his own market analysis and sets the list price from that.
  • The bank can entertain any other offers it wants to. Their goal is to get as much money as it can for the home after all.
  • Make sure that your realtor is a short sales specialist!

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