Posted by Kristine-CA on June 08, 2009 at 16:06:37:
In Reply to: Bank Rejected Short Sale Offers posted by Tony on June 08, 2009 at 14:29:09:
IMO, your offers shouldn't be based on any formula, and certainly not
on loan to value. What are the current comps? If the bank has comps
for pretty, retailed houses that are better than your number, they will
believe there is a buyer in that price range. That being said, there is a
lot of confusion and changeability these days.Suggestion: follow the houses you are making offers on through
foreclosure or completed short sale. You should be able to see where
the banks are going with these. Do they end up short selling any? Or
do they get back most at foreclosure sale? And, then, as REOs, how
are they doing?In my market, I have yet to see a short sale beat an REO purchase in the
low to mid-range houses. The volume of REOs in some neighborhoods
have brought the comps back to prices pre-2002. There have been
some short sales in the higher range that I've seen (over 200K for my
market), but the retail buyers aren't getting deals, just a house priced
right at comps (for that month). It's the agent and mtg. broker who
are working their butts off to get those deals done.