Can I offer less than the asking price on an Approved Short Sale?
Central Coast Coastline
The answer to this is, yes, definitely. An approved short sale is a short sale where the bank has already indicated acceptable price and terms. As the HAFA program comes into greater usage, we will supposedly see more approved short sales on the market. The HAFA program provides a way for sellers to get an approved price on their short sale before listing it on the market.
The advantage of bidding on an approved short sale is that you know the bank is open to short selling the house. The disadvantage is that the bank may be married to the approved price. Even if market conditions have shifted, some banks will stick like glue to a previously approved price. If enough time has passed that they can justify ordering another appraisal or Broker Price Opinion, you may be able to sway them. However, I often see properties fall into foreclosure for the very reason that the bank will not accept an offer that is on the table that is below their approved price.
Bidding on short sales and foreclosures is a complex process. If you are in the market for a short sale or foreclosure property (REO) in the Santa Maria, Orcutt, or Five Cities area, please contact my office at (805) 878-9879 and schedule a consultation.
In July 2006, Mint Properties opened an office in the Mission Creek Plaza on Santa Maria Way. Tni’s stated aim is to offer the highest quality representation and professional service to her clients. Independence affords her the ability to avoid a volume driven approach; the result is prompt, reliable, individualized service coupled with straightforward advice. Indeed, she brings the same level of professionalism to real estate as she did to the law.
La Ventana is a community of single family homes and luxury townhomes in northeast Santa Maria; its location is ideal for those who need to be near Marian Medical Center and the surrounding medical office complexes. Local builder, Inland Pacific, began selling homes in the La Ventana development around 2005 and because these Santa Maria homes were sold new during the height of the housing boom, many if not most of the recent re-sales in the development are foreclosures or distress sales.
