Lure Sale
I am considering short sale?
I am considering buying a house through a short sale that is about $150,000 below market value but have been told it’s just a low price to lure people in and then the banks haggle forever over the price sending back numerous counteroffers. Has anyone had experience with this?
You’re mixing two different subjects–apples and oranges.
In this case, you’re mixing short sales with REOs.
If it’s a short sale, you’re purchasing from an individual, the owner. You’re offering less than the owner owes on the mortgage. The purchase is contingent on the lender (the bank) approving the short sale. Short sales can be priced at market value, or somewhat below. It’s unusual for them to be priced too far below, because then the lender won’t approve the short sale. (They may be dumb, but they’re not that dumb. They get what’s called a BPO–a broker’s price opinion–to determine the approximate value.) So they’re not going to approve a short sale way below current market value.
If it’s an REO, you’re purchasing directly from the lender. And in the case of REOs, lenders sometimes do price properties low in order to get multiple offers. Not always…sometimes they’re reasonably priced and the bank intends to accept an offer that’s (usually) within 5%-8% of the listed price.
If it’s an REO priced very low, the bank usually hopes to spark a bidding war. Then it chooses the best offer–often, but not always, the best price. They really don’t want to spend a lot of time haggling over a price.
So, short sales and REOs can be unpredictable. And they (especially short sales) can take awhile. But they don’t haggle in the case of a short sale–either they approve or disapprove the purchase contract. And when the price is very low on an REO, what they want is a bidding war that results in a high offer coming in that they can approve.
Your Realtor can give you more details, and confirm whether the house really is priced $150,000 below market.
Hope that helps.
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