I offered 10% less on a short sale, is that bad? But……?
The asking price is 9,900 on a short sale home in NC. I submitted an offer for 0,000 Monday. My contract is only good through August 31, 2009. I recently found out that the seller owes 2,000 on the home. The last comps that were run in the area showed the house to be worth around 0k. I already submitted the offer, along with the earnest money (which was deposited) and my pre approval letter, however, the more I read on short sales and what they really are and what they consist of, the more discouraged I get. I get the feeling that I low balled them with my ,000 less offer (my offer is 22K less than what is owed to the lender.)
Can anyone give me a time frame as to when I should hear back on whether or not the offer was accepted?
OR- Do you think my offer is good to accept?
Yes, I have a realtor that worked with me to put in the offer along with my pre approved letter. And everything the third poster said, I read online. The house is vacant, so the lender knows the seller isnt in it
One Response
glenn
19 Dec 2009
My opinion is putting a deadline on short sale offer makes no difference. The bank is going to take all the time they feel they need and ignore your deadline. It may be months before you get any answer.
Offer what the house is worth to you and be happy if you get it and happy to walk away if they don’t accept it.