Posted by B.L.Renfrow on July 08, 2003 at 20:22:52:
If the borrower has only missed one payment, it’s pretty unlikely the first would be motivated to discount. That becomes more likely as the delinquency worsens and foreclosure is looming. However, if the first is a VA or FHA loan, they’re not likely to discount at all.
Of course the agent would like to see you offer $75k. Obviously the commission earned from a $75k sale is greater than with a $52k sale. Remember, the agent is working for the seller, and is obligated to get the seller the highest price, not to get you a good deal. However, the agent would be obligated to present any offer you make, unless the seller has instructed him otherwise.
What you can do is assist the owner in completing the short sale package, make your offer through the agent, and make sure plenty of photos are included with the package, showing the undesirable aspects of the property clearly. It also won’t hurt to include comps supporting the lower price.