Okay, my realtor is trying to confuse me. I was under the impression that I can offer whatever I’d like on a short sale. I told my realtor I wanted to make an offer on a short sale. It’s been up for sale for a couple of months, no offers. Two story house, 3 bed / 2 1/2 bath. Currently rented at $950. Short sale price: $56,000. I told her I’d like to offer $45,000. She said that I couldn’t because it wouldn’t be looked at because federal guidelines stipulated the minimum percentage that was allowed to be accepted and if the offer was not at least the full amount asking price, then it would be thrown out. I don’t think that’s true…at all! But she doesn’t want to put a lower offer in for me. Is she just trying to gouge me for a full sale so she can make her full price commission without having to put in the work for a lower offer?
This is your realtor? Any offer you make is totally up to you, its the realtor’s job to present the offer. Fire her!
Yes, she’s my agent and it really irritated me when she told me that. I called her back and told her to make the offer anyway. She seemed a bit put out and said she would. I’m thinking it’s time to get a better realtor.
it could be that the listing agent told your agent they wouldn’t accept an offer below “x”, I have had a listing agent tell us that the earnest money had to be at least “x” or it would be thrown out,
I have had my agent advise me not to make such an offer, etc, but she always presents whatever I want,thats the agents job (and frankly I have enough trust in her if she thinks we need to change an offer I look at it again)
Probably it is time to look for a new real estate agent. :biggrin
You need someone who is assertive, willing to take chances and really know what is legal or not, not using the words “federal” or “legal” just to cover their own inexperience and unwillingness to try something new to them.
Network at local real estate investors clubs meetings, I am sure you will find agents who are willing to work with you on your terms and know what truly do or not do.
I second this opinion. You need a agent who is willing to go the extra mile, and who isn’t afraid to get the job done. She figures she’s probably gettin’ paid peanuts, anyway. If she helps you close this deal, you will use her for more deals.
Is this price an approved short sale? Is that why the agent is not wanting to put the offer in.
If this is an FHA preforeclosure short sale then your agent is correct. The bank will need to net a certain amount to meet FHA’s threshold and guidelines. The price this home is listed at may be what will give the bank their required net. It would be a waste of your time and agents to offer anything less. Don’t fire your agent just yet.
If you have doubts with your current realtor, then look for a better one. One of the realtor’s tasks aside from marketing the house to potential buyers is to negotiate the property to the potential seller, of course part of this negotiation is the listing price. And what the seller wants to offer for the price must be represented by the realtor. Looking into your story, i guess your realtor is more concerned of the commission.
Fire your realtor and get an investor friendly realtor.
Keep in mind that anything under 50K has to be paid in full. So it would be guaranteed that the house would be paid for. Your only offering a little less. The agent has to be straight up with you.