LISA W asked:


I have been putting in full price offers, waiting a month for bank and getting rejected. What are banks willing to lose on house? Why do agents list for price that bank will not accept?
Current offer at 300k sellers bought in 05 for 480K. I am thinking 300-325 is actually fair market value. Offered on 4/03 and havent heard yet. I **** these short sales, but it is all I c an find on the market in my range.

Virgil

3 Responses to “Another short sale question in CA?”

1. nickelrustler on March 11th, 2009 12:53 am

   75% of current loan will suffice for now

2. donfletcheryh on March 12th, 2009 11:36 am

   Banks almost always reject at least a given number of offers if the offers are below what they have invested. That process ensures they take into account a fair market offering before settling for what the market wants to pay.

   The banks often have a very keen appreciation for what they can get if they wait a bit, and waiting a bit is often just what they need to do to see a major recovery of value.

   You have to decide what is best for you, but remember that banks often know very well what is best for them.

3. ARIZONA on March 14th, 2009 9:15 pm

   Short Sale negotiation is not an easy job to do. it must be done by experienced negotiators to have a successful outcome.

   Lenders will not return a call if the first package sent to the lender is not complete or missing documents.

   My wife and me we just negotiated a property valued at $200k with a pending mortgage of $140k. The lender accepted our offer of $22,000 dollars.

   It is correct: $22,000 dollars.

   For this, you have to convince the lender why you are offering that and provide a lot of documents supporting your offer.

   … and you need to pray a lot as well.

   To stop or avoid foreclosure is not just short selling a property. There are so many options to do you need to know.

   Recommendation: Beware of “Foreclosure Counseling Agencies” knocking at your door or calling you.