I am considering making an offer on a short sale. The house is "listed" considerably below market value. Can someone with experience with short sales offer up some advice?
It is best to hire a experience short sale agent.
I just went through hell with a short sale. Had this house under contract for 4 months and the bank canceled the loan on me. Waste of time from my end.
The listing price is irrelevant to what the bank will accept. There is no problem going in with a low number, as long as you're willing to come up some where near FMV, less Major repairs. This is really is a stupid move on the listing agency's part though, as if they accept a low offer, and the buyer is not willing to come significantly higher, then they have just gotten that seller 90-120 days closer to an auction.
Like Joe said make sure your find an experience short sale agent that understands the Equator system. In my experience short sales a much harder to close then foreclosures. Also make sure you are willing to be Very Patient. Could take at least 90-120 days.
Best of luck,
Ray Orellano, Real Estate Agent in KS (#BR00231137)
ask agent what stage of the process: is list price approved amount, is house approved for short sale, etc. they were estimating 6 months out, but i know a few agents who's had a listing-contract pending since March, 2013.
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