First Short Sale
ARV $88,000
FMV $70,000
1ST MTG $72,000
2ND $9000
REPAIRS $11,000
Offered first $51,000 they responded that they would consider an appraisal(not BPO; was told last week that this was a fannie mae loan and had to have a full blown appraisal) of FMV less the repairs. Said this was an investor and he had deep pockets and would not consider offer. Said he would look at possibly $60k but only after appraisal and two other repair estimates less from the FMV.
2ND has yet to respond to any offer. They keep insisting that the seller file BK. Seller will vacate this weekend and the vandals will have their pickings.
Any ideas on counters or how do you think this will play out.
It is my guess that you aren't really speaking with someone who has the authority to make decisions. 99% of the time you are hearing BS. Whether or not it is true, always present yourself as you have done this type of thing dozens of times and that this or that isn't normal. Confidence is key. GOOD LUCK
DO you think the $51000 offer was in line? Have seen somewhere that 82% of FMV was the target.
if your offer has embarassed you it is a good offer. you can always go up on a offer. i have made offers where people have laughed in my face or offers that agents didn't want to make. but you will be surprised at how good of deals you can get if you just ask....kenmax
You are correct in your assessment. Offers to FHA should be >82% of FMV or 83% less repairs.
Good Luck and keep presenting the offer until they reject it or counter.