Lowballing Short sale

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swkin_IHB

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hi, first time buyer looking to get a good deal on a home, we should qualify for 350 but the home is going for 380. Would 320 be a lowball offer? Are short-sales too cumbersome to work with? Thanks for all the info, this site has allowed me to save up for my downpayment...
 
I jumped into that short sale, save-a-ton scheme and made an offer on a short sale in April. My offer was $15k over what the listing agent indicated was the highest bid. She was very sleezy, and would tell me "It's looking good!". But did I get that house? Hell no.

Hell, even if your offer is accepted, in the months that it takes the bank to ok it, they can choose to ditch you and accept any other offer more than yours during that process. So you could be waiting months and still end up homeless at the last moment.

I think this whole short sale/ foreclosure is such a racket. Or maybe I am just an ignoramus who just doesn't get the process. Whichever it is, I will be very hesitant to ever offer on a short sale ever again.
 
swkin said:
hi, first time buyer looking to get a good deal on a home, we should qualify for 350 but the home is going for 380. Would 320 be a lowball offer? Are short-sales too cumbersome to work with? Thanks for all the info, this site has allowed me to save up for my downpayment...
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Although most short sales are a waste of time, you have nothing to lose with throwing a low ball offer at one. Just don't have high expectations that you will get the property because it can be a long drawn out process so don't get emotionally attached to the property. Good luck.
 
Short sales are going through more and more as of late. I think they made up ~28% of the closed sales recently. Also, they seem to closing faster than before. I think it's a matter of finding one that is already lender approved, has a listing agent that really knows what they are doing with the short sale process and having your own agent who understands it. Your agent should be able to get a feel for whether it's worth writing an offer or not.
 
having an approval and a competent listing agent are key. if you dont have these key ingredients i would not waste my time making an offer.

low balling a short sale wont get you anywhere. it will only make your realtor look incompetent and piss off the listing agent.
 
sugarspunZ said:
having an approval and a competent listing agent are key. if you dont have these key ingredients i would not waste my time making an offer.

low balling a short sale wont get you anywhere. it will only make your realtor look incompetent and piss off the listing agent.
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And why would I care if I pissed off a listing agent? Most of them are worthless kool-aid drinking, pushy idiots anyhow. I'm not out to make friends with listing agents, I'm out there trying to get the best possible deals for my buyers.
 
usctrojanman29 said:
sugarspunZ said:
having an approval and a competent listing agent are key. if you dont have these key ingredients i would not waste my time making an offer.

low balling a short sale wont get you anywhere. it will only make your realtor look incompetent and piss off the listing agent.
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And why would I care if I pissed off a listing agent? Most of them are worthless kool-aid drinking, pushy idiots anyhow. I'm not out to make friends with listing agents, I'm out there trying to get the best possible deals for my buyers.
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LOL i agree with you but come on. if the listed price is say $300,000 and the short sale is approved an offer at $220,000 is waste of bandwidth to transmit the email.
 
sugarspunZ said:
usctrojanman29 said:
sugarspunZ said:
having an approval and a competent listing agent are key. if you dont have these key ingredients i would not waste my time making an offer.

low balling a short sale wont get you anywhere. it will only make your realtor look incompetent and piss off the listing agent.
Click to expand...
And why would I care if I pissed off a listing agent? Most of them are worthless kool-aid drinking, pushy idiots anyhow. I'm not out to make friends with listing agents, I'm out there trying to get the best possible deals for my buyers.
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LOL i agree with you but come on. if the listed price is say $300,000 and the short sale is approved an offer at $220,000 is waste of bandwidth to transmit the email.
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Maybe, maybe not. Really depends on if the bank comes up with a price that is market friendly. But I know what you mean. Which areas do you focus in on? Irvine?
 
sugarspunZ said:
^ anywhere for now. i am not yet at the level i want to be at. mostly ladera ranch as of late.
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Gotcha, my best advice to you is pick a general area to focus in on and learn as much about it as possible. It really makes a difference especially when you are talking to someone who isn't that familiar with the area. This is the main reason why I'll stick to Orange County only (I was lucky that I grew up in HB, CM, and Irvine and had friends all over the OC in High School having gone to a private high school). I know what I know and I know what I don't know.
 
usctrojanman29 said:
sugarspunZ said:
^ anywhere for now. i am not yet at the level i want to be at. mostly ladera ranch as of late.
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Gotcha, my best advice to you is pick a general area to focus in on and learn as much about it as possible. It really makes a difference especially when you are talking to someone who isn't that familiar with the area. This is the main reason why I'll stick to Orange County only (I was lucky that I grew up in HB, CM, and Irvine and had friends all over the OC in High School having gone to a private high school). I know what I know and I know what I don't know.
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oh i am only in orange county. i thought you meant a specific neighborhood in OC. i am not seeking business anywhere else and i find it i just refer it out. i have a few friends in SD and LA. reciprocity is key.
 
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