My Short Sales
5078 Mackenzie Dr ... $659,995 831 Washington St ... $309,000 4815 Westchester Cms ... $249,000
Kewadin, Mi 49648 Traverse City, Mi 49686 Traverse City, Mi 49684
110' Lk/Mich GT Bay Downtown Traverse City 3500 Sq Ft .... price @ $71 per ft!
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When offering on a Short Sale
A common statement when seeing a short sale or foreclosed home is to "low ball" the list price because the bank needs to dump the property. In some aspects that can be true;however, the bank in either situation has a number they need to get(condition of the property is in many cases is a factor in the final decision) and they typically will not consider a low ball offer.
This is not to say, don't write an offer if you want to try an low ball. All I am saying is that your chances of actually the bank to accept an offer that is significantly less is, in most cases, not favorable.
With that said, writing an on a short sale, even if you were to write a full price offer it is NOT guaranteed that the offer will be accepted. In most Short Sales the list price is below what the seller owes to the mortgage company. As I stated above, the lender has a number to get to and if those numbers don't match the bank will either reject or counter to the offer.
In my experience doing short sales many investors have been looking hard at these. If you have an opportunity to purchase a home at a "foreclosure" price and, in many cases, get a turn-key home what is the risk? THIS IS THE NEW WAY TO INVEST IN REAL ESTATE! This is the time to buy! Smart investors or move up buyers are buying now and will be selling on the way back up.
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