Updated over 10 years ago on . Most recent reply
Short Sale in Seattle
Hi everyone!
I'm still a newbie investor, but my fiancée and I found this nice home in Seattle (or actually, Renton) that's that we could live in for a little while and then sell in a few years. It is, however, a short sale.
Right now it's listed at $285,000. We did some estimates and comps and think the current value is around $350k (but can jump $100k within 2 years).
My agent told me that it's a short sale that came back on the market in August of 2012 around $260k. It got an offer the following month but the short sale lender turned it down (along with three other offers) and put a sales price of $325k on it. In the past year, the listing agent keeps lowering the price to to get buyers (from $315k to current price of $285k), but the lender will not approve an offer below $325k.
My agent recommends that I offer $325, but we honestly don't want to pay any more than $300k. My fiancée and I won't be married until next year and thus don't need a home until then, so we can afford to wait and be patient with this deal.
Any recommendations/strategies/insights on this?