Comments on: Is this short-sale or not?

By: Joe A

Joe A — Sun, 22 Mar 2009 02:13:08 +0000

The seller has not asked if the lender would take a short sale. The offer you are submitting would probably fall under a short sale. Because the seller would still need to pay reg. closing costs taxes and real estate commissions. If it means that much to you offer the asking price if it is indeed fair. You don’t need to low ball it.

By: A D

A D — Wed, 18 Mar 2009 22:24:06 +0000

Could mean the owners are behind or about to be behind in their payments and hope to get an offer that will net them what they need.

When they get an offer that is below what it will cost them to sell and pay off the mortgage loan (s)…then it will be a short sale.

I think the agent was dancing around the issue. Good luck.

By: alejandra h

alejandra h — Tue, 17 Mar 2009 05:51:20 +0000

I am a Real Estate agent in Florida.I deal with short sales every day.Why they have to get approval from the bank,and they own more than the current market value.This transaction sounds like a Short Sale to me.

By: Othniel

Othniel — Sun, 15 Mar 2009 21:12:03 +0000

This is probably pre-foreclosure and the bank has not agreed to a short sale. The bank is making a counter offer and once they have done that you you can counter offer or withdraw your offer. I hope you are being represented by a Realtor who is working for you and not the listing agent.

You can counter with your original offer or offer a little more as a final and best offer. Don’t hold your breath because banks are notorious for their lack of understanding of how negotiating real estate works. Your agent should advise you since he or she knows how these things work.