Can I lowball a short sale?
The seller’s mortgage lender will check property values in the area so a lowball offer is not recommended. Many banks are so overwhelmed with short sale requests and multiple offers that they will most likely not even counter-offer if you submit a lowball.Click to see full answer. Consequently, can you negotiate price on a short…
The seller’s mortgage lender will check property values in the area so a lowball offer is not recommended. Many banks are so overwhelmed with short sale requests and multiple offers that they will most likely not even counter-offer if you submit a lowball.Click to see full answer. Consequently, can you negotiate price on a short sale?It is entirely possible to negotiate a short sale, but doing so can be a time-consuming process. Instead of negotiating with the seller alone, as is the case with most traditional sales, short sale negotiations must be approved by the lender, too.Similarly, is it a good idea to buy a short sale house? A short sale results when sellers don’t receive enough cash from buyers to pay off their mortgages. This might sound like a good deal for the buyer, but these homes usually sell “as is” and can take longer than usual to close. Just so, how much should I offer on a short sale? Check the Comparable Sales Or there’s no way the lender will take that much of a loss. Generally, banks approve a short sale that’s roughly between 5 percent and 10 percent under market.Is it hard to buy a short sale?A successful short sale means the seller’s lender is willing to accept a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. That’s because sellers need to qualify for a short sale.
