Monday, March 07, 2011

The short sale shuffle

Recently, my clients offered sight-unseen on a $90,000 short sale condo. The home was clearly under-priced to get many offers. My clients offered $30,000 over list price but lost in a multiple bid on the property.

The seller sent the accepted offer to the bank for approval. Now, a few weeks later, the home is back on the market...listed at $190,000. Good times in short sales! It's important to remember most short sale listing prices have not been approved by the bank. In many cases, the seller just wants offers to try and get the conversation going with their lender so they price low. If you are one of the first offers, you may be a Guinea Pig!

Read more home buying posts here!

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