Looking At A Short Sale
I'm looking a trying my first short sale.
The property was listed for 79k in november. In December, foreclosure proceedings started by WAMU for 72K. The property price was reduced to 70K in January.
I looked at the property yesterday. I would estimate that it needs 15K in repairs. The ARV for the property is 90k.
What should I offer?
I'm thinking of 40K. Any advice from experiened short salers would be appreciated - I can close with cash.
I'd also like to add that the FMV of the house in its present condition is probably around 55k. The kitchen and bathroom are unfinished and the house is somewhat beat up.
"FMV of the house in its present condition is probably around..."
Your offer to the Homeowner . and short sale proposal to the mortgagee will be predicated upon the as-is, FMV. You've got to more accurately identify that value, and be able to defend your Opinion which will come under fire.
If you can defend the as-is value of $55,000, an Offer of $40,000 isn't at all unreasonable.
Your Proposal should be factual, and compell the mortgagee to accept your Proposal because it's in their best financial inetrest to do so.
[ Edited by TheShortSalePro on Date 02/11/2004 ]