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Will a bank accept a low offer on a short sale property if it is the only offer presented?

Will a bank accept an offer for a short sale property if it is significantly lower than what the property is worth? What if it is the only offer presented to the bank? The property in question has been on the market for the past 6 months. I was told the banks would rather wait until the economy recovers so they can sell the property at a higher price than sell it at a low price but that doesn’t make much sense to me.

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3 Responses to “Will a bank accept a low offer on a short sale property if it is the only offer presented?”

  1. Landlord said:

    They will wait it out, ignoring the low balls.

  2. Heath said:

    The bigger the bank, the more likely they are to be bailed out. The smaller bank or credit union may accept it, but you’re not providing a lot of information.

    If they approved a shortsale for 390k and you have an offer for 200k, hell no. If you’re looking at less than 5% difference, probably.

  3. acermill said:

    What you heard is correct. The bank isn’t going to take any offers considerably below what current market value is. The bank will prefer to foreclose the property and take its chances on the open market. If the lender can recover $20,000 more by waiting it out, that makes sense to me. Don’t know why it doesn’t make sense to you.




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