Short Sale SellersShort Sale Question
In a short sale, after you make an offer a bank will not be contacting you since you’ll have a real estate agent. In a short sale, the lenders will only talk with the listing agent, not the buyer’s agent.
If you are a buyer, go into the zillow.com and put in your zip code to get an estimate of how much you should offer. Fair market value or the BPO’s is not the best thing to use when making an offer all the time. Take the selling price in that area and make an offer that is 90% of that price. The lender will accept an offer of 90% of the selling price or the BPO, which ever is greater.
Short sales are quite a long process. It can take a couple listings, a few buyer backouts, and many months to close. You’ve got to be strong, persistent with a lot of patience to have a successful short sale.