I don’t want to pay too much for a Short Sale Property

    The question that was posed to me on Realtor.com was this:

    “My realtor informed me the contract someone else had on a house I was interested in fell through. I have no idea why. The seller agent said the bank approved $385K on a short sale and I could bid that amount. Can I bid lower that that? or Should I bid lower than that? I want the house, but at the best price.”

    Read more: Ask a REALTOR Answer | REALTOR.com® Blogs

    Writing an offer on A Short SaleYou needn’t worry in this current market.  Find out how recent that “value” was established – if within three month, I would offer that amount.  Don’t forget, your appraiser, who works for the bank that is going to lend you the money, does not want to sell his employer (the bank that is lending you the money) short.

    In fact, there are so many checks and balances with each appraisal that is completed, they might lose their job if they had been tracked to have consistently “high” values.

    Don’t concern yourself with offering too much.  Hit the property with the value the “short sale bank” has approved.  They stand back while your appraiser does their job.  You might be surprised that the value might be less than asking.  It happens a lot in our market.

    Choices are left in the hands of the “short sale bank” if the value comes in under theirs!

    The short sale bank can usually adjust to the “new” value that was established or put the property on the market to wait for another offer.  The putting the property on the market again, can create a bit of a problem if the first buyer was FHA – that appraisal is now part of the property and the value will be made aware to all of the future FHA buyers, if the Short Sale Seller’s Bank continues to play hard ball.

    And there you go.  Be Safe and let us know if we can help you write an offer on a Short Sale Property.

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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