What would you do....making an offer question

So, I'm looking at a short sale that has already been approved at the list price. From what I understand, it was $20,000 more, someone else put an offer in and the bank came back with this price. The other buyer couldn't get the mortgage for the new amount.

So, my question is, would you just jump on this price because it has been approved and should go quickly? I might be able to close by the deadline for the $8,000 if I offer the list price. What do you think?

Re: What would you do....making an offer question

If this is your dream house then I say go for it!

Re: What would you do....making an offer question

Not sure if it is my dream home but I can see myself living there. It's actually going to take a lot to fix it up. I'm sure it needs a new oil burner, one bathroom needs to be gutted and the other isn't so great. The entire house needs to be painted and so many moldings are missing off the walls.

Re: What would you do....making an offer question

sounds like what we went through... it took 8 months.. we heard that ours was a special case with the seller and all but it would commonly take 4-5 months.. we also offered the list price after it was reduced.. any questions FM me :)

Re: What would you do....making an offer question

The place would have to be comparable to fair market value first and foremost, taking all the repairs needed into consideration.

If it was, and I could see a future there and afford the repairs, I would offer listing. That's if the story about the listing price already going down 20k is true. I think you should be able to get your realtor to confirm that.

I would offer it because a friend is going through her second short sale and the biggest roadblock has been bank approval. If you're assured of the approval (they should have something in writing saying so, no?) then I'd go for it.

Good luck with it!

Re: What would you do....making an offer question

Thanks so much! It sounds as if everyone thinks that it isn't worth offering less since the bank is willing to take this amount.