Beth, you should find out from the listing agent if there have been any other offers recently OR if the bank has done any recent appraisals or BPO's (Broker's Price Opinions). If that has happened then you offer will need to be in line with what the bank see's as the value of the home. If there has not been any offers then you may feel free to find what comparable homes are selilng for in the area and submit something within an acceptable range. You may want your buyers agent to do a BPO to justify the offer price with recent home sales and ask that it be submitted to the lender as part of your offer. Good luck.... more
With short sale, it's always subject to bank's approval. The bank sends their own appraiser, many times twice to get the correct value of the house. The bank may come back with a counter price higher than the listed price. However if you have time and no rush to be in the house, then it will pay off.
Good Luck..... more
Bids on homes are not first come first serve. Even if multiple offers were presented, the bank is going to consider them and accept the best one. So unless an offer has been formally accepted and a purchase agreement fully executed feel free to submit an offer. Even if an offer has been accepted a number of things can happen to kill the deal so you may get the home.
Just don't fall in love with a short sale. Often things go sideways and you just need to be patient in your home search and sooner or later you'll get the right home... more
Jag, Great buying opportunities right now in Bellport! Email (vazquezgerry@yahoo.com) or call me me (631.338-7392) and I''ll look it up for you. Remember to ask me about free daily reports on the latest homes for sale based on your exact specifications. Knowledge is power! Gerry... more