Short sale- priced to sell

julk_1212September 4, 2009

I am looking into buying a home and I decided to look online at pics and get overall idea of whats out there even for a higher price. In my area there are tons of houses that say "short sale" and "priced to sell." Ive also come accross "as is" amd "bank will need to approve for short sale" ext... Does this mean 1) I can't offer less and 2) that its harder to get and more to do because of bank approval?

With the as is, if there are problems and the asking price comes with as is, then can't i offer alot less due to those issues?

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You can offer whatever you want, getting the bank to accept it is another issue. Short sales take a long time, banks aren't real quick on accepting short sale offers. Bank owned homes typically don't take as long. If you're buying a property "as is" it just means the seller won't fix anything that is wrong with the home. I'd still have an inspection just to know what you're up against, just don't expect anything to be fixed. Sometimes the condition of the home is factored into the asking price of the home and offering lower may or may not be successful. Other times the pricing does not reflect the problems that the bank is unaware of so offering lower should be more successful. Not all bank owned homes or short sales are bargains, do your homework, know the true value, know the condition of the home and never offer more then you can comfortably afford.

    Bookmark   September 4, 2009 at 12:25PM
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