The agent or seller usually sets the price, not the bank, however, the bank decides whether or not it is an acceptable offer. The fact that the bank is price unaware leads to the long process. As the buyer, patience is key.
A home load with one bank is better than a home with loans at two banks. Getting two banks to agree just adds to the process and therefore, dealing with one bank is definitely a more buyer friendly situation.
A lowball offer will get a slow response and possible no response at all. The bank knows what is left on the loan and if a buyer comes in ridiculously below this amount, the bank frequently scoffs at such an offer giving the buyer little or no feedback. Always check comparable before making your offer.
"Approved" prices are the quickest. An "approved short sale" has a price that has already been given the green light by the bank. For example, shorts sales in nevada, an interested buyer that made an offer to the bank that was approved, but they didn't end up buying the property. Obviously this is a much quicker sale and is often more desirable.
All in all, a short sale can be to your advantage as long as you have the patience and knowledge to make it work for you.
This is a sponsored post for Schwartz Law Firm, however, all the points and views are my own.
No comments:
Post a Comment