Short Sale Buyer - Help
I am actively looking to buy a home to live in (iam not an investor). I accidently discovered that the home that I liked and prepared to place an offer was a short sale one. I am a complete novice and did not realize that lien holder approval condition means that it is a short sale. The home was listed for 600K and the seller agent gave me comps for homes in the area to be 630K although they were 6-8 months old. My agent backed out on me saying that she has no experience in short sales (she did not also realize that it is a short sale). I withheld the offer letter which I planned to offer 530K and out of curiosity started researching the short sale.
Also, the seller has two mortgages with the same company and that subprime lender is in trouble. In my area, I guess I can close a normal home for 50K less than the list price. I am not sure how low I should go with a short sale. Is there a rule of thumb. Also, how can I find a realestate agent who specializes in short sale for a buyer. Or should I go all alone and try to employ an attorney to help with the contract. Can I approach the lender/seller directly. I am not sure why there is a seller agent for a preforeclosure.
Appreciate your expert guidance.
Comments(0)