How long on market?

Question

I'm looking at a home tomorrow that has been on the market for 78 days.
It's on a short sale, "Short Sale opportunity!! Please Submit all offers! Lender agreed to price."
Is it likely this banker is holding out for a higher price than the listed price?
If I go in with a full price offer, is it likely it will be accepted? Should I put a time limit on my offer, as I don't want left holding on for weeks to find out they won't accept it? If I were to go 10-15K lower, at 78 DOM, is that likely to be accepted?

It does have some faults, such as no carport or garage, and not much space to put one. I don't know if that's a deal breaker. It may not be.
It would have to rent at over $800 to break even, and I would need to check that carefully.

What else do I need to be watchful of? (All the home inspections will be done, of course.)

I would possibly/probably be buying for me to live in. I would be a minority person in every sense-race, gender, marital status, kids, age, occupation, etc. Right now it's my plan to sell my residence to pay for that one.

Clint S. · Answer

Depending on the deal I don't think you need to offer full price to get it. There is a reason the bank has been holding it for 78 days - great days get found by investors right away.

Now it is a little different story since you plan on living it in since you don't need an incredible deal.

To get short sales accepted you have to have a strong offer and no/few contigencies. If you can offer cash it will get their attention.

Banks are stupid. I saw a short sale in Denver worth $200,000 and the bank got an offer at $198,000 and denied it and then told the realtor to up the price to $225,000 (it appraised at $200,000) of course they didn't get an offer for 6 months and ended up going through foreclosure and they bank netted about $170,000 9 months later. They could of received about $180,000 much earlier.

How long on market?

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