What are my chances in this short sale deal?

Question

There is a condo for sale for $118000 (short sale) and its current owner owes the bank $128000 for the condo and has missed his mortgage payments for a couple of months. My Realtor has suggested to put an offer for $95000 to buy the condo. What are my chances to win this deal? How long would it take the bank to accept my offer?

Answer 1

Unless your real estate agent has some solid evidence (via recent comparable sales) that this condo only has a market value of $95,000, he is misleading you and badly.  You are asking the bank to take a loss of $33,000 on mortgage of only $128,000.  If evidence indicates that $95,000 is the current market value, your realtor needs to print out such evidence and include it along with your offer for that amount.

If evidence indicates that the condo is worth the asking price, you don't stand a snowball's chance in h**l.

Answer 2

>> What are my chances to win this deal? <<

No one here can possibly answer that question.

>> How long would it take the bank to accept my offer? <<

Depends on whether the seller already has permission for a short sale & how interested the bank is.  It could take a couple of months.