Short Sale Offer - Bank Approved Price

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I am looking at two short sales that both have "Bank approved" prices. I was wondering, does anyone have experience offering less and getting it approved? Or do banks hold firm at that approved number? I have no problem throwing out a low ball offer and it being rejected but I wanted to see if anyone else any luck with this scenario.  I am also guessing it depends on the bank... 


You can try of course.  Also, that "bank approved price" may no longer be good by the time you get into the process.  That price was likely based on a BPO done for a previous buyer under contract.  Most lenders order a new one after 60-90 days, you might put be looking at your offer being compared to new one, depending on how old the current one is.

I used to manage REO properties for HUD and some other well known banks. I would say a safe bet is to offer around 80% of their list price. They usually will at least counter (or hopefully accept) a 80% list price offer, especially if it's been listed for awhile. Just remember that the broker or agent representing the bank doesn't have a say in what offer gets accepted, so don't be rude towards them. The bank's REO asset manager makes that call. The agent or broker only provides the BPO and represents the bank.

Approved price would generally mean that there was a BPO done at some point. You're not going to get a huge discount from BPO value as most lenders are looking to net somewhere in the 80's% (Net means after the costs of sale) assuming you lose 7-8% to costs of sale (never mind payouts to seconds, seller paid closing costs, seller relocation assistance...) there is just not really a lot of room left. However values can be disputed or if you just wait long enough they expire and then you get to try again.

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