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Short Sale Tips: Offer the Right Price

Offer the right price for a short saleTo increase the chance of having the short sale accepted by the bank, buyers should work to offer the right price on the home. Buyers should avoid paying too much for the property but offers that are too low will probably be rejected by the lender. This means that buyers need to work with their agent to come up with a price that will be attractive to lenders while still allowing them to enjoy a good deal on the home.

Having an appraisal done on the home and comparing the home to comparable properties in the area can help determine value. To offer a lower price, buyers should be sure to point out needed repairs and the costs of those repairs to justify the lower price being offered. Keep in mind that banks do not want to lose more money. This means that buyers need to convince them that they price they are offering is reasonable and that there is little chance that other buyers will want to pay more than that price for the home.

Next: Short Sale Tips: Keep property condition in mind