Flagstar Playing Hardball??
We're trying to do a short sale with Flagstar. We got in touch with someone in Loss Mitigation and we sent in our short sale package. They emailed us back and said they wanted $130k which is *way* too much. The property could be worth $160k after at least $25k in well-documented repairs. We offered $90k.
Question is; Do you think that they really think they can go all the way through the foreclosure process, winterize the property, spend the attorney fees, get the property repaired, pay RE commissions and take 3-6 months to do so and still beat our offer. Or....do you think they're savvy negotiators and are just playing hardball?
I dont think it matters. just know your bottom line and sell them on why it is good for them.
Erick:
Nice to meet you!
Simply REPLY-EMAIL and Tell them $130K is Great...As long as they will grant you a FACILITATION Loan for all $25K in Repairs!!!
And that your offers STIPULATES that FLAGSTAR to Escrow $25K of sales Proceed ($130K) as credit to the purchaser towards repair of Property.
You'd Bring just $105K CASH to Closing having $25K for fix up
This is the same as bringing your counter-offer up to $105K and puts a PERIOD at the End of the Question Mark(ending future counter offers).
BTW- I have a method my CMLA loss-mitigation students use to avoid all of this back-n-forth time-wasting. PM me if you'd like a FREE MKTG TIP!
Hope this helps!
Derrick
Hi Derrik,
I am lost.
Why not just go pay full cost on a 130K property which doesn't need any fix up?
Thanks
Mike
Any more thoughts on this guys.