You are not alone. Short sales can be good deals, but require patience on your part. You can anticipate waiting a minimum of four to six months for a response from the lien holders. If the wait time is shorter than that, consider yourself lucky. Once you get a response, usually it will be a counteroffer, increasing the purchase price. If you are not in a hurry and do not mind waiting an additional month or three, then counter offer back at the price you are willing to pay. We are seeing short sales being negotiated lower than the bank's initial counteroffer. You have to have reasoning though... do not expect to get a $300,000 house for $225,000, without good solid evidence to support your price point, which involves several pages of researched properties, reasoning and analysis. Having an experienced agent on your side is very important to get the best deal.
For more information on short sales, please email us for our unique, in-depth, 10-page article, "Short Sales and Bank Owned Properties: A Buyer's Guide" based on our experiences representing buyers on short sale and REO properties for several years, resulting in successful purchases for our clients. It is updated monthly with the changes we are seeing in the current market and the current inventory of short sales and bank owned properties (REOs) in the Portland Metro area and Southwest Washington.
Contact us to help you negotiate and maneuver through the short sale and REO web - we're here to help!
The MM Brokers Team
Marjie Van Der Laan 360-314-7647 call/text, firstname.lastname@example.org
Michael Zaviska 503-504-1774 call/text, email@example.com