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Posted: 1/27/2011 5:31:24 PM EDT
We started looking for a house several weeks ago. We found one we like but it is a short sale. I know nothing about the short sale process. The house is listed for $240,000.... originally it was listed at $275,000 170 some days ago and has been dropping ever since.

What should we make our offer at? We have determined that our absolute max we want to spend is $225,000.... obviously I'd like to spend less

Is it even worth our time to offer them less than $225,000, or should we just offer 225 right off the bat? I'd love to get it for 210 or 215 if possible, but that seems like an awful big difference between their asking price.


Any advice from anyone that has experience with this?
Link Posted: 1/27/2011 6:07:04 PM EDT
[#1]
Quoted:
We started looking for a house several weeks ago. We found one we like but it is a short sale. I know nothing about the short sale process. The house is listed for $240,000.... originally it was listed at $275,000 170 some days ago and has been dropping ever since.

What should we make our offer at? We have determined that our absolute max we want to spend is $225,000.... obviously I'd like to spend less

Is it even worth our time to offer them less than $225,000, or should we just offer 225 right off the bat? I'd love to get it for 210 or 215 if possible, but that seems like an awful big difference between their asking price.


Any advice from anyone that has experience with this?


My house was similar. It was listed at 290 and eventually dropped down to 230. Make the offer, they might take it, especially if the bank doesn't want to deal with foreclosing it.

With the info you posted above, I'd offer 205K
Link Posted: 1/27/2011 6:08:15 PM EDT
[#2]
Forget their listing price.



What does an independent appraisal say the house is currently worth? And don't tell the bank the results.



Star from there and make a lowball offer. And I mean lowball.
Link Posted: 1/27/2011 6:20:00 PM EDT
[#3]
What's the worst that can happen ??

They say YES or NO.

Your worried about offending them ??   Are they worried about offending you?
Link Posted: 1/27/2011 6:24:43 PM EDT
[#4]




Quoted:

Forget their listing price.



What does an independent appraisal say the house is currently worth? And don't tell the bank the results.



Star from there and make a lowball offer. And I mean lowball.
This....Sound advice.



Link Posted: 1/27/2011 6:27:57 PM EDT
[#5]
Call me tomorrow.  I'm the resident banker here.  I'll be foreclosing on a house tomorrow at 10am, but I'll be available after that.  Check your IM's.



If anybody wants to buy a few homes in Aberdeen/Westport, let me know.



Want a boutique hotel in Seaside?  Call me.
Link Posted: 1/27/2011 6:28:25 PM EDT
[#6]



Quoted:





Quoted:

Forget their listing price.



What does an independent appraisal say the house is currently worth? And don't tell the bank the results.



Star from there and make a lowball offer. And I mean lowball.
This....Sound advice.





Ditto...and might I add, get yourself pre-approved if not already, make the offer that you'll close in 60 days.  When/if they reject it, re-submit the same offer, but change the 60 to 30 days.



What bank owns the current loan?



 
Link Posted: 1/27/2011 6:40:40 PM EDT
[#7]


Be prepared to get me an address and county.  Assuming Thurston.  Also, who is the trustee handling the sale, or is it the bank itself?  If it is a local bank, it will be much easier to deal with.  



Bank of America SUCKS ASS.  I literally spent 4 hours today trying to get in touch with someone so I could buy out their loan, bank to bank, as we are behind them with a 2nd.  Total time spent TRYING to contact them is about 20 hours, meaning someone who can actually talk with any knowledge.  On one of the call transfers, I asked, "Are you in Bangalore?"  Their answer, "How did you know?"  Mind you, I am trying to essentially cure their note IN FULL, and they cannot find anyone to talk to me.  Idiots!


Link Posted: 1/27/2011 7:31:19 PM EDT
[#8]
Simply offer what you are willing to pay. If you can't live another day without this house, offer more, but never offer more than you are willing to pay. Sure, you might miss a real bargain, but if some one else is willing to pay more than you, how can you really beat that?

Make offer, make sure the bank got it, then wait. Wait some more. It might be a long time until you hear back. Months.

Seconded on BofA.
Link Posted: 1/27/2011 8:23:29 PM EDT
[#9]
Quoted:
With the info you posted above, I'd offer


that I am an Overquoter™.

Link Posted: 1/27/2011 8:31:31 PM EDT
[#10]
Quoted:
Quoted:
With the info you posted above, I'd offer


that I am an Overquoter™.



we do it for you...............
Link Posted: 1/27/2011 9:43:03 PM EDT
[#11]
The house is VERY nice, does have a quirk or two though that would need to be adjusted to our needs ASAP. If we don't get this one I'm sure the next one will be just around the corner  How do we find out what they paid for the house? I think that would help us decide what to offer.
Link Posted: 1/27/2011 9:46:28 PM EDT
[#12]
Use zillow.com and enter the address.




Link Posted: 1/27/2011 9:48:40 PM EDT
[#13]
Quoted:
Quoted:
Quoted:
With the info you posted above, I'd offer


that I am an Overquoter™.



we do it for you...............


It's ok, I am his little buddy...
Link Posted: 1/27/2011 9:51:29 PM EDT
[#14]
I looked at the Thurston County Assessor's office and this is what I found:

Year Built1993 Fireplaces/Wood Stoves1
Construction2 STORY Heat TypeFORCED-AIR
Construction QualityAVERAGE Fuel TypeGAS
Physical ConditionAVERAGE Foundation TypeCONCRETE
Number of Bedrooms3 Exterior Wall TypeWOOD-SIDING
Full Baths1 Roofing MaterialASPHALT-SHNG
Partial Baths2    
 
Residence Square Footage
Main Finished Area975
Upper Finished Area1021
Attached Garage Square Footage
Attached Garage Area484
Detached Structures
CodeYear BuiltSquare FeetQualityCondition
FRAME-GARAGE1998720AVERAGEAVERAGE
CARPORT1999360FAIRAVERAGE

Tax Year                                               2011          
Assessment Year                             2010          

Market Value Buildings                    $162,600    
Market Value Land                              $75,400        
Market Value Total                             $238,000    



Link Posted: 1/27/2011 10:28:59 PM EDT
[#15]
That's what the taxes are calculated from. Not the last transaction price (not that it matters much, only that it is worth less than that today)
Link Posted: 1/28/2011 4:41:29 AM EDT
[#16]
I bought a Townhouse in 2006 in Vancouver for 129K (right at the peak of the real estate boom).  I put it on the market in early 2008 originally asking $120K.  It's a LOOOOONG story, but ultimately my short sale process went through multiple offers and took a lot of twists and turns due to some issues unique to the legal paperwork surrounding my townhome when it was built in the 80's.

Point of this story, the buyer who finally purchased the house in 2009 picked it up for $45k.  Lowball the fuck out of them but be prepared to walk away or have the deal fall through.
Link Posted: 1/28/2011 6:30:28 AM EDT
[#17]
I am definitely not on the real estate guru list as I have lived in the same digs for 14 or so years ( pending move this summer - hopefully buying a new place IF we can sell our current home )

The downside of shopping for short sales seems to be the bank can really drag out the process for what can be a very unfair amount of time to the prospective buyer. Which obviously leaves the buyer both in limbo as well as wasting time they could have been pursuing other purchases.

I am getting myself up to speed on the current RE situation to hopefully streamline our sell / buy upcoming summer scenario.

I am going FSBO for the 1st month or 2 to test the waters. As for buying ... will consider short sales provided we are protected from wasting time dealing with banks whom are dragging their feet.



Link Posted: 1/28/2011 11:57:18 AM EDT
[#18]




Quoted:



Tax Year 2011

Assessment Year 2010



Market Value Buildings $162,600

Market Value Land $75,400

Market Value Total $238,000


Offer them $200,000. Not a penny more. That's what I would do.



The agent will send the offer to the bank. There it will sit on some chicks desk who is almost as smart as a wet mop but far more useless.



At some point she will say yes or no. Don't despair, there's lot of houses out there right now and deals are to be had.

Link Posted: 2/1/2011 3:12:31 PM EDT
[#19]
The seller accepted our offer today, we will be giving earnest money tomorrow....then we wait for the bank to either accept or decline the offer I hate waiting games...
Link Posted: 2/1/2011 3:16:54 PM EDT
[#20]
What did u offer?!!!?
Link Posted: 2/1/2011 3:48:24 PM EDT
[#21]




Quoted:

The seller accepted our offer today, we will be giving earnest money tomorrow....then we wait for the bank to either accept or decline the offer I hate waiting games...


Make sure the earnest money goes into an escrow account, not the sellers pocket.



Be prepared to wait months for an answer from the bank.
Link Posted: 2/1/2011 4:01:08 PM EDT
[#22]
Quoted:

Quoted:
The seller accepted our offer today, we will be giving earnest money tomorrow....then we wait for the bank to either accept or decline the offer I hate waiting games...

Make sure the earnest money goes into an escrow account, not the sellers pocket.

Be prepared to wait months for an answer from the bank.


It may not take that long, Most banks want to dump the houses as fast as possible. Mine came back VERY quickly, at about 2 weeks.
Link Posted: 2/1/2011 4:13:19 PM EDT
[#23]
Quoted:
The seller accepted our offer today, we will be giving earnest money tomorrow....then we wait for the bank to either accept or decline the offer I hate waiting games...


You should have had an earnest money note in your offer that said you would deposit the earnest money with escrow company x days after bank acceptance.

Noobs.
Link Posted: 2/1/2011 4:25:18 PM EDT
[#24]



Quoted:


The seller accepted our offer today
[

 
Link Posted: 2/1/2011 4:36:36 PM EDT
[#25]
Now you get to wait.

I made a lowball offer on a short sale house last spring, 89K on a 99K "list price".



Their agent was supposedly a "short sale specialist" and the place needed some work.



4 months later, the bank comes back and says they are willing to accept 160K



I told them to forget it, the place isn't even worth 100K in this market.



Now the place is listed at 120K short sale, I'm sure the bank will be foreclosing on it soon.
Link Posted: 2/1/2011 4:36:52 PM EDT
[#26]
Quoted:
Quoted:
The seller accepted our offer today, we will be giving earnest money tomorrow....then we wait for the bank to either accept or decline the offer I hate waiting games...


You should have had an earnest money note in your offer that said you would deposit the earnest money with escrow company x days after bank acceptance.

Noobs.


We did, however, it came back with them wanting the earnest money in escrow in 2 days

Link Posted: 2/1/2011 4:58:59 PM EDT
[#27]
If your money is in the escrow account of a reputable escrow/title company, then that is better. If it is in any other account than the one I mentioned, or your own, RESCIND, GET IT BACK and tell everyone else to fuck off.
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