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Can I Negotiate on a Wellington Short Sale?

One of the many Wellington short sale questions I often receive from home buyers is whether or not they can negotiate the asking price of a short sale. First, it is important for Wellington home buyers to understand that short sale sellers still own their home, NOT the bank, so just like a traditional sale they will be negotiating with the seller.

Now if the buyer and seller can come to terms unlike a traditional sale the short sale seller will have to submit the executed contract to their bank(s) for third party approval. It is during this process the price negotiated between the buyer and short sale seller may or may not be accepted.
Wellington Short Sale Questions

Unfortunately Wellington short sales are NOT guaranteed and it is very important for home buyers to understand that just because the Wellington short sale seller accepted their offer does not mean the sellers bank(s) will. There is also a possibility that the Wellington short sale seller will not agree to all the terms set forth by their bank(s) and if an agreement can't be reached the short sale may ultimately be denied.

So the answer is YES a Wellington home buyer can try to negotiate on a Wellington short sale. However home buyers need to be aware that the median list to sales price ratio for closed Wellington short sales so far in 2011 is 96.63%. That means short sales listed for $300,000 sold for $289,890, not $200,000, $250,000 or even $275,000.

If you are a home buyer interested in purchasing a Wellington short sale it is extremely important to work with an experienced Wellington short sale agent who will be able to guide you through the entire process from start to finish.

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Originally posted at http://wellingtonhometeam.com/can-i-negotiate-on-a-wellington-short-sale/