10% less is what I offered on a short sale, but….?

Question by The South: 10% less is what I offered on a short sale, but….?
The asking price is $ 119,900 on a short sale home in NC. I submitted an offer for $ 110,000 Monday. My contract is only good through August 31, 2009. I recently found out that the seller owes $ 132,000 on the home. The last comps that were run in the area showed the house to be worth around $ 130k. I already submitted the offer, along with the earnest money (which was deposited) and my pre approval letter, however, the more I read on short sales and what they really are and what they consist of, the more discouraged I get. It sounds to me like I’m low balling the lender, and I don’t want for the paperwork to get looked over and collect dust on someones desk.
Any advice?

Best answer:

Answer by Hector
In this economy, they are lucky that there is one offer. I bought a short sale. It was listed at 175K and I offered 164K, it took 90 days for bank to accept and close. Think of the great deal you’ll get. Good luck. Be very patient.

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One Comment/Review

  • kemperk says:

    you did not mention if you used a RE buyer’s agent to rep you.

    because the US is in a new arena for loans and foreclosures
    [some of which have been stopped at the federal level]
    you might not get a response by the last date of your offer.

    Have you dealt with county tax foreclosures?

    I can help you find a house. I do not bother with short
    sales, they are unnecessary.

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