In a bit of good news for area home buyers, the median home price in metro Denver remained unchanged in June, which may be a signal that the real estate market in the Mile High City is hitting its
Making An Offer On A Short Sale
Short sale properties can sometimes be listed below market value, but that doesn’t always mean that’s the price you end up paying. Short sales can be listed below market value with the intent of starting a bidding war, which increases the lenders chance of getting more money from the transactions.
According to Freddie Mac, to increase your chances of success, your offer needs to be competitive. In the case of a short sale, the offer may need to be closer to the actual market value of the property rather than the list price. Short sale listings are often priced low for the purpose of attracting multiple offers, but as we mentioned above, that doesn’t mean the property will sell at that listed price. Also, keep in mind that most banks will not evaluate the seller’s request for a short sale until there is an offer on the table.
The property’s market value can easily be gauged by looking at comparable homes that have sold in the area recently. In today's improving market, short sale prices have risen significantly, so remember to be realistic in the price you can afford and what you can really offer. An experienced real estate agent will provide the best advice about how to negotiate a reasonable sales price for short sales you may be interested in.
If you’re ready to start checking out short sales in the Denver area, Metrowest would love to help.
Michelle is a native of Denver, however just recently moved back Denver after living in Long Island , NY for the past 3 years. While in NY, she managed a portfolio of properties for a large NY invest....