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A Look at underground houses for sale in What should I offer on a house in short sale?
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Question by johnnyacura5: What should I offer on a house in short sale?
My wife and I are looking at a house being sold in a short sale and we would like to get the best deal possible. It’s currently listed at $ 380K. Six months ago it was on the market for $ 529K. The house needs work and the oil tank is underground. Similar houses in the area are being sold in the $ 400K range. The investor in me says put in an extremely low offer but we would really like to get the house. What would a reasonable offer be? Please keep in mind that the house needs $ 50k in work to be brought up to par.
Best answer:
Answer by Brenda M
The big question is what is the mortgage value on the property. If you can come close to the mortgage value to make it worth the while of the mortgagor to let the property go to you; then you’ve got your price.
It’s not so much about “getting the best deal” . . . that’s a given as it’s well under market at any rate, right now. To win the day, do what you can to get the mortgage value ~ that’s what you are buy out.
Know better? Leave your own answer in the comments!
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