Hi everyone
We put in a contract on a shortsale house, house was on the market 5 months.Even with lowering of the prices, they got no bites. We put in a contract for their asking price of $210,000K.
The sellers purchased the home for $173,000 in 2000. The sellers accepted. Do you think the bank will counteroffer? There is no contingencies, and only 1 loan. Houses in the area are selling for 220-250K. Zillow is giving an estimate of $235K
Our agent said they might counteroffer, since houses in the neighborhood is selling around $220-$250K, there is only one mortgage on the house, and its with Bank of America..... same lender that we are going with. House has been empty for months..
They tried to sell it at market price for 4 months.for -$250,000 and not one contract..
Then in August dropped it $230, September $220K and then last $210K - which we offered $210, since the house needs A LOT OF WORK..:-(
Does the bank look at the market value of the neighborhood or will they look at how much is owed? Since the sellers purchased it at $173K - I am trying to guess how much more can they counteroffer at? We can't go over $220K :-) I am praying they accept our offer.
What do you think of our offer?
Tags:
Thanks for all your responses, well today is December 28.. no word as yet.. It was listed as shortsale, so I am thoroughly confused. Our contract ends next month.. Haven't heard one word on it.. grrrrrrrrrrrrrrr
I am hoping as the new year comes, we will hear something.. I will keep you updated.
Thanks everyone
Kelly Timm said:
Based strictly on what you wrote, this is not a short sale. Ask the escrow officer/ Attny. what the pay off demand came in at. If they paid 173 and they are current with no other liens against the property, this is an equity sale. Even if they are behind on the mortgage, the delinquency will be added to the balance and in some cases can actually cause the property to be upside down. Someone is not telling you the whole story here. Every house listed these days is not necessarily a short sale. As far as all of the other numbers you are throwing out, sounds like they were asking for fair market and due to the houses disrepair, they lowered the price. The banks BOTTOM line is getting the note paid off. If that is done, they dont care if the comps are showing as 500K... Once the note is paid, the seller can ask what they want.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.