First Short Sale Negotiation
Here is the scenario:
Homeowner owes $208K on the first and $52K on the second. The home is worth about $255K since comps are $250K-$260K.
I have a buyer lined up once I negotiate with the two lenders who will purchase the home for $270K.
One of the conditions is that the homeowner get a listing agreement and we took care of that today.
The home is 3 yrs old and in great condition - no repairs needed. Only paint and maybe carpet.
My question is how much should I offer the bank.
I know I need to take into consideration the Realtor Fees of 6% and deduct it from the $260. In addition, there will be closing costs of $10K ($5K each). Paint and carpet is another $5K.
Any thoughts, suggestions?
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