Advice From All U Pros Out There
Should I waste my time trying to get a short sale from Wash. Mutual on a property that has $30,000-$40,000 in equity?
The house was made handicap accessible and I was going to articulate that it would cost $$ to renovate back to normal...
What do u think? 
depends on total amount that must be invested and for what period of time.
Lucius
Who determined the amount of 'equity' in the property?
If the handicap access renders the home undermarketable.. then it's FMV might be less than is thought.
What are we talking about? A ramp leading to the front door? Oversized doorways to facilitate a wheelchair? Lower countertop heights? Lower faucets, etc.?
If a property is considered unique, there can be problems in determining it's as-is, FMV.
Would it be worth it to pursue as a short sale? If there is $40K in equity... No. Don't waste your time. But if it can be demonstrated that there is little or no equity... and REO liquidation would be a marketing nightmare... then it might be worthy of consideration.
A recent essay, "Blown away by their CMA?" might be worth reading. IF it isn't yet posted on TCI, email me and I'll send it to you in Word.
Out of curiosity, what are your plans for the house?
If you are going to rent it afterwards, you could feasibly rent it to someone who is handicapped or even a senior citizen.
Odds are you'll gain a very long term tenant if your plans are to rent.
Good Luck
"Who determined the amount of 'equity' in the property?"
The tax value is $95,000 and the local realtor rana comp in the area on ten properties. The low end was $85,000 the high end $110,000 the avg. was $95,000.
"What are we talking about? A ramp leading to the front door" Yes, that's all.
"Oversized doorways to facilitate a wheelchair? Lower countertop heights? Lower faucets, etc.?" NO
If a property is considered unique, there can be problems in determining it's as-is, FMV.
Would it be worth it to pursue as a short sale? If there is $40K in equity... No. Don't waste your time. But if it can be demonstrated that there is little or no equity... and REO liquidation would be a marketing nightmare... then it might be worthy of consideration.
A recent essay, "Blown away by their CMA?" might be worth reading. IF it isn't yet posted on TCI, email me and I'll send it to you in Word.
If it truly has that much equity and if the bank won't short, why not just buy it anyway??????
Jim