Short Sale Prices – What will the bank take?

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Today, it is all in the offer.

A Portland short sale price means almost nothing.  The bank will take what it takes and no one knows for sure what that will be, unless the price is pre-approved.  

On the selling side agents set ridiculously low short sale prices to bring in an offer.  Once the first offer is in the bank starts acting, usually by ording a BPO, or broker’s price opinion. Then the bank will negotiate with the first offer at (usually) a much higher price.  Finally, most banks present the selling agent with a pre-approved price (after they do the BPO) and then the home might actually sell.

Buying a short sale home can be a long process, but it helps to have someone with you who knows what to do!  I can tell if a short sale will go fast, take forever, or perhaps not even work at all and end up a foreclosure.

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Stephen was just simply a fantastic realtor to work with in selling our home. If we had another 50 properties to sell, Stephen would be in charge of all of them. He was so professional in handling every detail of our sale, and he was so responsive to every question that came up in the course of our transaction. My wife and I are very thankful that we found Stephen.

Alan