We made a full offer on a short sale home in southeastern michigan. How likely is it to be accepted?
October 29th, 2009 | by David Mueller |We put in the offer at what it was listed at. How is the listing price chosen? Does the bank and seller agree on an appropriate price before listing? Should putting offer in at full listing price increase our chances of getting the home, and in a somewhat timely (a few weeks) manner?
Mortgagees (lenders) are slow to respond to offers because they hope to get a better one. While you offered full price that doesn’t guarantee you will get the home. The mortgagee will consider contract conditions. For example if your offer was subject to financing and the mortgagee receives a cash offer, they might accept the latter, even if the offered price were less.
realtor.sailor
3 Responses to “We made a full offer on a short sale home in southeastern michigan. How likely is it to be accepted?”
By Obviousman on Oct 29, 2009 | Reply
The listing price on a short sale home is usually agreed upon by the bank and the listing realtor.
Don’t you have a buyer’s agent? These are questions that should be answered by your agent!
References :
By realtor.sailor on Oct 29, 2009 | Reply
Mortgagees (lenders) are slow to respond to offers because they hope to get a better one. While you offered full price that doesn’t guarantee you will get the home. The mortgagee will consider contract conditions. For example if your offer was subject to financing and the mortgagee receives a cash offer, they might accept the latter, even if the offered price were less.
realtor.sailor
References :
I’m a Realtor
By Gary Smith, Realtor® on Oct 29, 2009 | Reply
These are all questions you should have asked your Buyer’s Agent BEFORE submitting your offer.
Ask your agent for details.
References :