Confused and why?

Question

There was a short sell I was looking at in Arlington, Tx. On 12/4/10, listing agent listed the house for 89,000. On 12/9, the original LP dropped to $75,000. Made an offer for $80,000 and LA stated that seller when with another offer. Then on 1/4/11, house was listed again with a LP of $92,000.

Did the asset manager or note investor disagree with the original LP and drop in price, and require the LA to raise the LP to $92,000? Any ideas -- confused... Thanks.

Did the asset manager or note investor disagree with the original LP and drop in price, and require the LA to raise the LP to $92,000?  Any ideas -- confused... Thanks.

Steve Babiak · Answer

It could be that the seller ("A") has accepted an offer from a short sale investor ("B") and now the new listing is with "B" as the seller looking for end buyer ("C").  The A to B to C flip.

Pat Opiola · Answer

I bid on a short sale in June of 2010 and never got a reply.  The home is still listed as active on the mls.  The asking price was 48,000 I bid 42,000.  They didn't counter, they just didn't reply.  I think i'll stay away from short sales. This one didn't make any sense. :roll:

Mitch Kronowit · Answer

Hmmmm, maybe next time just write "I'll take it!" on the offer.   :wink:

Mike G. · Answer

You just have to be prepared to be confused and frustrated when offering on short sales.  The price can go up and down like the tides.  Even when the agent says the "bank has approved the sale at this price", that apparently means give us an offer so we can consider it.

Curt Davis · Answer

2 weeks ago I bid on a short sale.  List price was $28,000.  I offered $28,250.  Agent countered me at $30,250.  I thought this was funny but the agent said when they list short sales, many times they dont really know what the bank will take so the listing agent is guessing on the price.