Short Sale Info.
anyone know that if a bank had done an appraisal at 110.000 and would short sale the property what is a normal percent reduction they might accept since no agent or other entity would be involved thanks rayshir
anyone know that if a bank had done an appraisal at 110.000 and would short sale the property what is a normal percent reduction they might accept since no agent or other entity would be involved thanks rayshir
Each bank is different, and the foreclosure costs are high to the lender. Good luck.
Eric & Rosa
[addsig]
Hi,
If it is an FHA mortgage you're trying to short, the bank has to follow FHA guidelines which require that any short sale net a minimum of 82% of the "appraised value" to FHA.
The bank I'm dealing with re my short sale, also added an additional 1% to cover some of their expenses, bring the "minimum short sale" amount to 83% of the appraised value.
Hope this helps!
Savvy Investing,
dmarketing
[ Edited by dmarketing on Date 11/13/2003 ]