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StartingOver10
Posts: 4,406
Registered: ‎03-06-2010
Re: Preapproved! All listings here seem to be short sales.. questions about negotiating..

I'm a Fl Realtor and you are right - most of the listings are short sale offerings with a very few that are 'regular' sales and the rest are bank owned.

 

Do use a Realtor that is experienced in short sales and REO properties or it will make your purchase much more difficult.  I don't know where  you are in Fl, but in S Fl where I am anything decent has multiple offers on it right away.

 

As far as the bank approved price goes: it depends upon how long ago the bank approved the price. If they approved it last week and the buyer walked, then you have very little negotiating room. If it was approved two months ago and the buyer walked or failed to close, then you have more room to negotiate ...but those are rare now. The banks in our area have been increasing the prices on short sales over the last couple of months - especially if they have been in negotiations for a long time.

 

The best advice I can offer you is to be very, very aware of the recent comparable sales in the neighborhood. Don't get caught up in the excitement and offer too much. You and your agent need to look out for you - because the bank is trying to get top dollar at your expense.