We are looking at a house that is currently involved in a short sale. Our agent already told us the bank wouldn’t pay our costs and wouldn’t budge on the price. The house is for sale for $139,900 and we were thinking of offering $130,000. Is that to dramatic? That’s all we can afford. Or should we look for a house being sold by an agent and talk them down and ask for costs paid. The short sale house may take up to 3 months. And it’s as is, so we couldn’t get a home inspection. Mind you, the house was built in 1998. WHAT SHOULD I DO??
Why would you be offering lower than asking, if you’ve been told the "bank won’t budge" on price? PLUS, most foreclosures are sold "AS IS"…meaning you can have it inspected all you like, but they aren’t gonna fix anything…if you have no disposable income to spend on home repairs at this time, I would NOT be looking at foreclosures.
My husband and I bought one in 2002..and the market value has increased on it by over $100,000 since…however, we are at the beach, on a golf course, and the house was in pretty good shape for a foreclosure. We have spent the last 5 years though, making improvements as we can afford to.
Talk to your lender…consult with a GOOD real estate agent..and be sure you UNDERSTAND anything you’re signing…The lender, realtors, ALL have to disclose to you all the material facts….
PLEASE…be careful…by LESS than what you think you can afford (NEVER go to your top-end unless you are comfortable with higher mortgage payments)…and TAKE YOUR TIME deciding…DO NOT let anyone rush you into making a decision.