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I found a really nice house that is a short sale listed for $135k and am thinking of making an offer. My realtor told me to offer full price. In Charlotte, NC, one of the fastest growing cities in the east coast, has been booming, but however there are a ton of inventory on the market due to this subprime mess and a huge list of foreclosures. The previous owner purchased the house brand new for $148k 2 years ago. Question - In a short sale deal, what is a good price to offer? Houses in this area are selling from $140-$160k. The house I'm looking at is listed for $135k...again, a short sale. I'm thinking my realtor thinks I'm stupid when I was told to offer full price, because there are a couple of offers still on the table and banks are waiting on a better offer. Any advice?
If the seller is already agreeing to a short shell - I would offer lower than the asking price - As a certified general r.e. appraiser - I can tell you this: This housing market is going to fall another 25%-35% from it's current prices over the next 3 years - and - the lenders not only know this but are making every attempt to recapture r.e. capital before suffering deepening losses. Don't follow what the Nat'l Assoc of Realtors (the NAR) says about a recovery - they've been acting as the booster squad only - their predictions have been so far off from as early as 2006 - My best guess? Offer about $115k - better to factor in the anticipated future losses now...
Dealing with the lenders can be challenging, as they are in a position to wait for a good offer. It can be a long and frustrating process. I am certain your Realtor wants you to make a full price offer to blow the other offers out. Make an offer based on what comparable properties are selling for, that is what the lenders are looking at. Lenders pay Realtors to do BPO's (broker price opinion) and get appraisals to determine value, so respond accordingly.
I agree with the appraiser. The lenders know what's coming because they helped create it. If you take his advice and offer the 115K you've nothing to lose. We are only in the beginning days as to how tough it's going to get and you'll have plenty to choose from. There is an adage that "you make your money when you buy." That couldn't be truer now. Your competition from speculators, investors, etc. is gone, name your terms.
It all depends on how much you want this house. If the banks have other offers and they are waiting for something better, giving them a low ball offer won't help you get the house. I'm a Realtor in indiana and I am often in a position to advise clients in a similar situation. If your purpose is to get a great deal, then go ahead, make a low offer and accept the risk that you might not get the house. However, if you really want the house and are comfortable that the listing price is already below market value, then offer full price. This way you'll end up with the house you love and still get a good deal. I have more suggestions for buyers on my website. It's intended mostly for indiana Real Estate buyers as I'm only licensed in CT, but it will give you some ideas. Good luck! Leo