How Much Should I Offer The Bank?
Does anyone know what percent of the amount owed I should offer the bank for a house that has a lot lot lot of mold? My partner was saying that she saw a posting somewhere in the archives that Dwan Bent-Twyford had said to offer 10%. But I can't seem to find it, even after doing an advanced search.
make sure you know what the fmv of the prop. is know the amount for repairs . offer what is a good price for your needs. not what you think the bank wants....kenmax
Thanks kenmax. I just was wondering if anyone knows about this posting or has been to Dwan & Sharon's seminar & remembered anything about the mold issue. I am offering a very very low price to the bank, that may be too low. I wanted to know if there was some justification D & S had (such as mold) that would bring the fmv down.
Does anyone know Dwan & Sharon's take on this?
it's not a good bid unless you have embarassed yourself is my measure. as far as the mold goes get someone that deals with mold to give you an idea of the damage and what needs to be done about it....kenmax
i'm sure the bank is aware of the mold and the other repairs that are needed consider it a mess and a liability . they are most likely wanting to get it off there books thanyou are aware or than they are will to show. as for a % there is no set amount each case is diffrent. judging from how you have described the prop. they will be more than happy to take a"deep cut" espec. with the repairs needed. i would keep preaching "mold" to them that more than likely scares the hell out of them in terms of moving the prop. don't worry about a % offer where you know you can make a profit that is worth your while..kenmax