Short Sale Prices – What will the bank take?
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.
Our Related Posts:
AUTHOR
Stephen FitzMaurice
Stephen FitzMaurice, Realtor is a top 5% real estate agent in the U.S. A Principal Broker in Oregon, Managing Broker in Washington, he has been licensed since 2003 for residential real estate sales. Call his team in Oregon at 503-714-1111 or in Washington at 360-345-3833.
4% max to sell a home in Portland and SW Washington.
4.5% max to sell a home in Salem and Bend.
Over 2,000 homes sold.
