"Short Sale, Subject to bank approval..."

[John Romero]

Hi Everyone,

I'm really considering a cash-flow property, (To hold for an extended time period while collecting rent)

It's on the MLS and has been there for a while; The property recently expired and has appeared once again with a price reduction. It has this clause at the end "Short sale, subject to bank approval".

What does this mean? Are there any good strategies to make an offer on a property such as this?

Thanks!!

[Scott Hubbard]

Originally posted by Mack77:

I called the realtor that i'm working with (not the listing agent) and asked her about the seller's situation, where they're located, etc and she gave a little attitude and said that it's unethical to ask those questions. She should be looking out for my best interests so why wouldn't she want to ask those questions. Maybe it's time for a new realtor...

Comps in the area, non-short sale's are going close to 200k, this house is listed for 199k and needs some minor work. I asked her for a recommendation on an offer, and she said closest to asking price because short sales take a while to close, the banks usually do not want to deal with low ball offers. Again I don't think she's looking out for my best interests and just trying to seal the deal without trying to "make" a deal.

Would 60-70% of the asking price be an insult? Approx $130k to start the negotiations? I'll offer only as much as it takes to make a nice profit each month...

Fire her. She is either stupid or lazy. In the real estate world it is eat or be eaten and she my friend is food!

There are plenty of agents that know how to work with investors and she clearly is not one.