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.
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AUTHOR
Stephen FitzMaurice
Stephen FitzMaurice, Realtor is a top 5% real estate agent in the U.S. and a top 1% agent in the Portland Metro. Principal Broker in Oregon, Managing Broker in Washington he has been licensed since 2003 for residential real estate sales in the Portland Metro area. Call him direct: 503-714-1111.
Pay less (4.5% commission max.) and get more with his top 1% listing team or buy your next home with his excellent top 1% buyer’s team. We work from Salem, Oregon to Vancouver, Washington and beyond. Check out our full services areas on the top menu.
