How much should/can I offer below Listed price of a Short Sale?

[Matthew Sullivan]

Hi Everyone!

You guys have been so helpful in educating me as a new investor. So I was given a good Short Sale listing by another agent who works with investors and here is the situation and my question. The house ARV would sell for $350,000 easily based on comps and doing my due diligence the house can easily sell in less than 120 days. The house is listed at $200,000 and I was told that "it is an approved short sale". I spoke with a few investors I want to assign the house to and I am being told they would purchase for $180,000 including my assignment fee. The house was listed only 3 days and has never been listed before as a short sale..only other time was on market was in 2004 and sold under a conventional loan. Now Ideally if I can get an accepted offer between 160-170K and assign to equal $180,000 I have cash buyers that would grab it from me in seconds. So my question to the BP community is this- What are the chances of he bank approving an offer between $160-$170k so I can assign at $180k. How long does it usually take to hear back from bank on their counter offer? Given that my offer for 160-170k is going o be a cash offer do you think the bank will be more likely to accept. Keep in mind I am the first person viewing this house thus far. I did the wholesale calculator on BP and the MAO would be $170k to be able to assign at $180k....Everyones insight are greatly appreciated!

[Wayne Brooks]

Chances are slim as the bank has evaluated the value, plus you can't assign a sort sale, and you need a POF in the name of the buyer on the contract.