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.December 21, 2010