Short Sale Proposals
After receiving Short Sale packages from Citimortgage and Citifinancial, I submitted 2 Short Sale proposals to them. I was surprised when they informed me that they will accept offers which are very close to FMV of the properties. When I asked them why they sent me Short Sale Packages, their reply was very vague. Does anybody has this kind of experience? Is it possible that Citimortgage and Citifinancial have decided not to entertain any Short Sale because of present hot Real Eatate market?
Thanks,
[addsig]
He he... Or maybe they're just tired of folks watching too many late night gurus and then submitting offers 40% of FMV. I'm sure its just a starting point for their negotiations, don't be scared away and just proceed as usual.
Absolutely!
Tiiming is also crucial as lender get more motivated to deal as the auction date looms over their heads.
C- :-o
You have given us no information in which to give you an opinion.
1) What is the FMV of the house
2) What is the estimated cost of repair
3) What is the ARV
4) What are the liens that are on the house
5) How much is the payoff for each of the liens.
6) When is the sale date.
7) How far behind on payments is the owner on the foreclosing lien.
8) MOST IMPORTANT - what did the BPO came in at???
The lender is not stupid. If the house is in good shape, and there is equity, it is not a good subject for a short sell.
Brenda
Your post probably is more suited for the Short Sale Forum, since it deals with a specific acquisition technique.
I don't know how your Proposals were devised, and I mean no disrespect, but there is a difference between submitting a boilerplate application, and preparing and presenting a comprehensive and compelling Proposal.
Part of your job, as an entrepreneurial short saler(?) is to convince the mortgagee that the property is worth less than their information suggests.... and why it would be in their best financial interest to accept $X today.... The factual and compelling Proposal should be in support of, and accompany the application.
It's the mortgagees' job to maximize their net recovery.
[addsig]