Is The Short Sale Price Negotiable
Posted by Artur Ciesielski on Saturday, November 19th, 2011 at 4:39pm.Q. Is the short sale purchase price negotiable?
A. The short answer is yes.
The purpose of a short sale is to sell the property, often to prevent foreclosure which is something both the owner and his/her lender would like to prevent. In order to sell the property has to meet the demands of the market just as any other property be it a normal sale or bank owned property. It will be the market place that determines what price is right.
That does not mean that the bank will not stick their hands and ideas into the process. It depends on what program is being used to sell the property short. There are a few predefined programs like HAFA in which a sales price is set by someone other than the seller and or the seller agent, but for the most part if will be up to the seller and the seller's Realtor to determine the best marketing price.
That price can't be to high nor too low and it will go through some checks and balances. It will be verified by third parties via a broker price opinion or an actual appraisal.
Artur Ciesielski | 602.492.8004
Artur is a Realtor and partner with inPhoenix Realty Group and an aspiring flaneur, currently in Phoenix or elsewhere when time allows, which is rarely. You can find him running up miles on this car, cycling the urban streets, in the office on Central or working at one of the many coffee shops in Central Urban Phoenix.
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