Short Sale SellersLow-Balling a Short Sale
Have you ever tried to low-ball a short sale? Some short sale buyers are going as low as offering 50 cents to a dollar. So a house worth $100,000 will receive an offer of $50,000. Ouch. Although, in this market with the number of foreclosures and negatives heading our way in the very near future. Some areas are still experiencing bubble prices and need to come down 50%. Either you can wait a couple of years or go in now, asking for a very low price.
Currently banks are trying to stay very close to the amount owed on the mortgage, so a very high number of short sales usually don’t close and end up going into foreclosure. Generally, the bigger the bank the more hard they are to work with.
As for the sellers, many of them are still in denial. The buyer will have to lowball the listing price or wait it out. You should have your agent tell the listing agent, that “I have a buyer with great financing and he/she is looking for this price. Should you want a basically guaranteed sell, let me know.”