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Saw a condo I like in short sale......

T

Triforceofcourage

Platinum Member
I met with the realtor that posted the condo I like. It is in a great area and is currently in short sale. They want 185k for it. Would it be insulting if I offer 150k? Is it even worth while?
 
What do you think...they are already taking a loss on it...


That said, they had this forclusre in boston. I got psyched. $185K to buy a condo in the middle of boston. I hurried my ass to there.....310SQ FT. WTF!!!!
 
150K sounds kinda insulting, but then I don't know how bad the real estate market is in your area. If it's REALLY bad, you might get a decent counter offer.
 
Originally posted by: Triforceofcourage
I met with the realtor that posted the condo I like. It is in a great area and is currently in short sale. They want 185k for it. Would it be insulting if I offer 150k? Is it even worth while?
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Why would you care if you are insulting? Are you buying it from a friend/relative?

If you don't care whether you get the place or not (ie. you don't have a wife who absolutely fell in love with it), then low-ball.
 
Find out what similar condos in the area sold for within the last 3 months and offer them something based on that information. Low balling really doesn't work unless you're experienced and know how and when to do it.
 
Short sale already means they are taking a lose. So they might not come down much. You need to point out why it is worth less then asking. And it will take longer to close as they will have to send it through the bank and that takes even longer.


So if you really want it make a real offer. If it is ok and not your first choice and you have time to kill then go for it.
 
Originally posted by: Marlin1975
Short sale already means they are taking a lose. So they might not come down much. You need to point out why it is worth less then asking. And it will take longer to close as they will have to send it through the bank and that takes even longer.


So if you really want it make a real offer. If it is ok and not your first choice and you have time to kill then go for it.
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My current lease ends on May 31st so I have time to kill 🙂
 
So, you're going to use the Realtor who is listing the condo? Not a good idea IMO.

Get yourself a Realtor and have that person pull the comps on other units that have sold recently. That will give you an idea of what is a fair offer on this one. Then you can go up or down from there depending on how nice it is, location, etc.
 
Originally posted by: JulesMaximus
So, you're going to use the Realtor who is listing the condo? Not a good idea IMO.

Get yourself a Realtor and have that person pull the comps on other units that have sold recently. That will give you an idea of what is a fair offer on this one. Then you can go up or down from there depending on how nice it is, location, etc.
Click to expand...

this forever
 
Originally posted by: Triforceofcourage
Originally posted by: Marlin1975
Short sale already means they are taking a lose. So they might not come down much. You need to point out why it is worth less then asking. And it will take longer to close as they will have to send it through the bank and that takes even longer.


So if you really want it make a real offer. If it is ok and not your first choice and you have time to kill then go for it.
Click to expand...

My current lease ends on May 31st so I have time to kill 🙂
Click to expand...

Just keep in mind that the average closing time is 2 months, so you don't have that much time to kill.
 
If it's such a killer deal, there will probably be multiple offers - and if you lowball too much, you'll be SOL. Just keep it in mind.
 
Majority of the time, speaking from experience, short sales never really fall within the price range that you want when you are lowballing. The prices are already low and when they say short sale, they really mean "auction."

However, perhaps it is the area that I live in. Whenever I see a short sale, I tend to avoid it, as it usually drags on for months and the price ends up being a lot higher than what I originally would like to pay (which is usually either a little bit less or asking price).

There was a condo I was trying to purchase, which was on short sale for $350k, and I lowballed and offered $340k. They did not even respond to my offer, instead, someone else came by and offered $370k cash. The condo's worth 3 years ago was $550k and appraised market value for another was still ~$400k at the time.
 
The house we just bought was listed at 299, we offered 250k + seller providing 3% towards closing and they accepted. So I say go for it, they might be desperate enough to say yes.

EDIT: Should have added mine was a foreclosure, not a short sale. I've been told short sale's are a nightmare if you have a timeline you need to stick to. My foreclosure was a pain as well but not as bad as a short sale can be I was told.
 
Originally posted by: ultimatebob
Originally posted by: Triforceofcourage
Originally posted by: Marlin1975
Short sale already means they are taking a lose. So they might not come down much. You need to point out why it is worth less then asking. And it will take longer to close as they will have to send it through the bank and that takes even longer.


So if you really want it make a real offer. If it is ok and not your first choice and you have time to kill then go for it.
Click to expand...

My current lease ends on May 31st so I have time to kill 🙂
Click to expand...

Just keep in mind that the average closing time is 2 months, so you don't have that much time to kill.
Click to expand...

Not on a short sale. We wrote an offer over a month ago and still don't even have a signed purchase agreement. From the first PA to closing on a short sale can easily be 3+ months. You might get lucky, but you probably won't.
 
Don't think that a short sale means you'll get it below market value. The offer has to be accepted by the bank, and there may be other offers.
 
Originally posted by: mugs
Don't think that a short sale means you'll get it below market value. The offer has to be accepted by the bank, and there may be other offers.
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And usually banks don't even approve the short sale. Remember that the seller doesn't need bank approval to LIST the short sale, so the bank probably hasn't even looked at or approved the listing price.

In many cases where there is mortgage insurance, the bank has little incentive to approve the short sale.
 
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