First Short Sale Offer Question
Does it really matter what the sale price I offer is on a purchase and sales contract to a short sale client? IE 600,000 first - does it really matter if I make a ridiculous offer 300K to the home owner just to get the property under contract and start the short sale process? I mean, as long as they understand you are negotiating the prce with the bank and the offer on the sales contract means very little.
anyone? Just a little help?
Getting the property under contract, and submitting a complete short sale application, irrespective of the amount of offer... is OK.
however, offerring a ridiculously low offer can alienate the parties involved.
unless there are extraordinary circumstance, that low a purchase price is unreasonable to expect.
Most banks will generally take between 80-90% net. 82-83% tends to be the hotspot
You generally have to submit the purchase and sale agreement to the lender. So whatever you put on the purchase agreement IS your offer to the bank.
Ryan