Short Sale Strategy
Has anyone used the same procedures for negotiating a short sale for an REO Property and if so were you successful.
I'm looking at an REO Property. The bank is asking $81K and comps are between $96K - $115K.
The house is in a nice area but needs about $30K worth of work.
Yaisa
If the property needs work it does not matter still go into it as a short sale request with all the same information you would have done prior..it works even better this way around. The bank now has a property that they would rather not have on thier hands.
Nothing ventured nothing gained.
Submit an offer $50 and attach an estimate of work required showing that the property needs $30k worth of repairs.