I Have A Real Estate Question About Short Sales, If You Know Anything About Real Estate Please Read?
i found this really nice 3355 sf house in arizona, 5 bed, 3 bath and it is listed for 299.000 as a short sale. a real estate person told my mom that short sales never go for the low price, and that they always sell for more..
so my question is, can you get a short sale house for the listed price?
The “short sale” means that the person selling it has to get permission from the bank holding the mortgage to complete the sale.
The person selling should already be in agreement with the bank as to what the house can be sold for or they are wasting their own time and money listing it for sale.
The real estate agent should have used the word *may* to qualify all comments about what he/she thinks the house will sell for. They are not the bank nor the seller, so he/she doesn’t have the final say.
Comment by Christopher B — October 13, 2009 @ 9:52 pm
Not only can you get a short sale for the listed price, you can get it for less often times.
Location makes a difference, but in most markets, there are record foreclosures, and a glut of unsold houses on the market. Short Sales are adding to that mix.
I can guarantee that the Realtor you spoke to represents the bank on the properties she advised you about – matter of fact just ask her if she represents the banks on any short sales. She is required to disclose if she is. I would be willing to put money down that she is. Matter of fact, if you would ask tomorrow, add that detail under the “add detail” option on your question tomorrow – I am curious to hear the Realtor’s answer.
Remember, the Realtors job is to sell houses – they only get paid when a property sells. And the more it sells for, the more they get paid. Therefor, I would take their advice with a grain of salt.
If you are looking for a great deal, then you need to be willing to make low ball offers and get a few rejections.
“If you do what you have always done, then you get what you have always gotten.”
Comment by shannon :) — October 13, 2009 @ 10:05 pm
I just bought a short sale for the listed price. What the real estate agent is referring to is, in a short sale, the lender usually waits to see if any higher offers come in. In some cases they do, in my case they didn’t. It can go either way but, regardless, the wait can be nerve racking for the buyer.
Comment by the tax lady — October 13, 2009 @ 10:29 pm
You can but it depends on the number of other offers out there for the same house. The worse thing is the wait. And it can be a very long wait.
Comment by 9 daughters — October 13, 2009 @ 10:57 pm
Lower priced properties usally create bidding wars and will result in a higher than asking price.
Comment by ms_miche — October 13, 2009 @ 11:09 pm