Short Sale
Author: admin
What are banks looking for in a short sale bid?
We know how much the owner took out on the mortgage a few years ago. They are selling it at a short sale. There is no way that we will pay any greater than their original loan amount from 2yrs ago when it was the peak of the market. Is it fair to say that the maximum the bank would want would be the original loan amount or less? How much below this loan amount should we bid percentage wise?
we are preapproved
I was wondering this same thing myself recently.
Since the market (in most areas) has dropped in the last 2 years.. the lender will definitely accept less than the original loan – they will not want more.. it is called a “short sale” because the amount the home is listed for is “shorter” than what is still owed. The bank is taking a loss – but will sometimes agree to do a short sale because the amount they’re being shorted on is less than what they will spend going through a foreclosure process.
I found this interesting website – it’s a bit wordy, but very usefull when determining what offer to make on a property. Your real estate agent could probably help you with that as well
http://reitips.com/short-sale-purchase-offer/
Good luck!!
(added) I’ve been going through a short sale myself lately (it’s a HUGE pain in the rear) one thing I learned thats important to ask above all other questions is if the seller was *APPROVED* for the short sale from their lender. Sometimes someone will list their house as a “short sale” but wait to get an offer before they apply for short sale approval from their lender.
If the lender has approved the sale, then the listing price is probably approved as well. There is very little negotiation room at this price… the bank will probably not take much less, than any, of that amount.
During the approval process… the application for short sale goes to loss mitigation at the lender. They order an appraisal done and get true market value of the home. Since the market has went down in recent years, their “original loan” was for probably more than what the home is worth now. MOST of my experience says the lender will take less than what is still owed (thus the short sale).
Think about what are they asking for the home… what do you *believe* is the market value of the home (try going to your county’s auditor website and looking up their appraisal and use sites like www.zillow.com) and how much are you willing to pay. Do you also want to put an offer on a house that could be tied up with red tape for many months. That should give you some good ideas there on what to offer.
The lender will only work with you/accept your offer if the owner of the home is approved for the short sale, the listing price is approved, and you have an iron-clad pre-approval. Even then don’t expect them to get back to you in less than two weeks, and don’t be surprised if it takes them up to 6 months =(
Why Agents Hate Short Sales?
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A Century of the English Book Trade: Short Notices of All Printers, Stationers, Book-Binders, and O $17.68 Used – Excerpt from book: A CENTURY OF THE ENGLISH BOOK TRADE. ACTORS (PETER), stationer in London, appears to have travelled about the country to supply books with his partner Joannes de Aquisgrano. In 1483 they were at Oxford and supplied a number of books to Thomas Hunte the Oxford stationer on sale or return. [Madan. Day-book of John Dorne, p. 142.] In 1485 he was appointed the royal stationer. “Grant, for life, to Peter Actoris, born in Savoy of the office of stationer to the King; also lic |
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A Century of the English Book Trade: Short Notices of All Printers, Stationers, Book-Binders, and O $39.59 New – Excerpt from book: A CENTURY OF THE ENGLISH BOOK TRADE. ACTORS (PETER), stationer in London, appears to have travelled about the country to supply books with his partner Joannes de Aquisgrano. In 1483 they were at Oxford and supplied a number of books to Thomas Hunte the Oxford stationer on sale or return. [Madan. Day-book of John Dorne, p. 142.] In 1485 he was appointed the royal stationer. “Grant, for life, to Peter Actoris, born in Savoy of the office of stationer to the King; also lice |
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A Century of the English Book Trade: Short Notices of All Printers, Stationers, Book-Binders, and O $34.79 New – Excerpt from book: A CENTURY OF THE ENGLISH BOOK TRADE. ACTORS (PETER), stationer in London, appears to have travelled about the country to supply books with his partner Joannes de Aquisgrano. In 1483 they were at Oxford and supplied a number of books to Thomas Hunte the Oxford stationer on sale or return. [Madan. Day-book of John Dorne, p. 142.] In 1485 he was appointed the royal stationer. “Grant, for life, to Peter Actoris, born in Savoy of the office of stationer to the King; also lice |
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A Century of the English Book Trade: Short Notices of All Printers, Stationers, Book-Binders, and O $32.12 New – Excerpt from book: A CENTURY OF THE ENGLISH BOOK TRADE. ACTORS (PETER), stationer in London, appears to have travelled about the country to supply books with his partner Joannes de Aquisgrano. In 1483 they were at Oxford and supplied a number of books to Thomas Hunte the Oxford stationer on sale or return. [Madan. Day-book of John Dorne, p. 142.] In 1485 he was appointed the royal stationer. “Grant, for life, to Peter Actoris, born in Savoy of the office of stationer to the King; also lice |
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A Century of the English Book Trade: Short Notices of All Printers, Stationers, Book-Binders, and O $17.81 Used – Excerpt from book: A CENTURY OF THE ENGLISH BOOK TRADE. ACTORS (PETER), stationer in London, appears to have travelled about the country to supply books with his partner Joannes de Aquisgrano. In 1483 they were at Oxford and supplied a number of books to Thomas Hunte the Oxford stationer on sale or return. [Madan. Day-book of John Dorne, p. 142.] In 1485 he was appointed the royal stationer. “Grant, for life, to Peter Actoris, born in Savoy of the office of stationer to the King; also lic |
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