They have listed it about 100k under market (I have done comp.'s and can make it work as a rental based on the MLS price and would be willing to up the offer a bit if necessary.

100K is pretty agressive for. CA


I talked to my realtor and he said that SS he's worked on often take 6 months or more to get all the way through the process. Questions I have include:

they can take a while, depending on the owner.

1) Does it really take 6 months plus to get an answer from a bank on a SS?

2) Will a bank be willing to consider your offer more favorably if you make a large down payment or agree to pay all cash? In other words, would they be more willing to take a lower all cash offer with an inspection contingency than a higher offer that has inspections and typical financing?

They want to sell. the less contigencies the better.

3) I've heard people say you need to find out the BPO in order to get anywhere with the bank. How would I get this information - would the listing agent typically have it?

Banks have their own BPO, but it if typically old. Your agent/broker can prep a BPO that is most favorable to the offer you're making.
4) There are currently people living there (I think they are the owners) - how likely is it that I will have a problem getting them out if I was to get the house?

Thanks!

On 2009-01-14 15:21, ICGPROPERTIES wrote:
All of your questions are true if whomever is doing your short sale doesn't know what they are doing <IMG SRC="images/forum/smilies/icon_smile.gif">