Short sale questions

[Joshua Pfaff]

Good afternoon BP!

I had a question about a Short sale that I came across. I found a great property for $102k in my neighborhood, most houses in my area sell for about 170-190k. I was wondering if any of you were able to negotiate with a Short sale deal since it is a bank that owns the house and it might be harder to negotiate with them. It needs alot of renovations done to it, maybe new piping, ac, sheetrock work, it has some mold, needs updated kitchen and bathrooms, new flooring and paint. Is there a way I could negotiate with the bank to lower their price to sell to me since It needs alot done to it before I can rent it out? If anyone has any suggestions let me know.

Thank you very much.

Josh

[Wayne Brooks]

First, of it's a short sale the bank doesn't own it, the borrower still does.  And yes, the price is negotiable, but the bank wants as close to current value as they ca get.  Generally, the list price has no relation to whatever price the bank may accept, whether higher or lower, as usually the bank has no idea what price the owner listed it for.  You won't know that prices intil usually45-60 days after your accepted contract is submitted.