How To Close This Short Sale
I have house that would appraise at $105,000 in good condition. Its a coventional loan and the payoff is 94K. The house needs an ac unit, fence, paint, carpet and some updates. My estimate came in at 18k for repairs. The BPO came in at 90K., they took off 11k for repairs.
My first offer was 56K before the BPO. They told me they would not accept less than 81k. I countered at 65K and the word from the investors at the bank was we don't see why we should take less than 10% of fair market value. I have gone over what it would cost the bank to sell this property with the Loss Mitigation agent, however it seems to be in the hands of another department that I don't have access to. Can you offer any suggestions?
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