Short Sale Questions
I have a property that I have contacted botht he 1st and 2nd and both are "open to entertain a short sale offer".
Now, my question is on what to offer?
The 1st is about 18 months behind. It has a principal balance of 116K and a payoff of about 136K. When presenting my offer do I offer them a % say 75% of the principal amount or the payoff amount?
Thanks in advance.
In order to come up with the best offer you must first do your homework. Do you know how much similar properties in the neighborhood are selling for? How about the amount of repair cost need to bring the property to current market value. Both of these things will help you determine your offer. Has a BPO assessed the value? What is the absolute lowest amount the bank will accept on a short sale. How much is the 2nd? After these questions are answered, you will know how much to offer each time. Some people say 50% or 75% but that is not always the case. Answering these questions will increase your short sale acceptance ratio and consequently make you more money. Best Wishes!
Do you know how much similar properties in the neighborhood are selling for?
150K
How about the amount of repair cost need to bring the property to current market value.
2-3K
Has a BPO assessed the value? No
What is the absolute lowest amount the bank will accept on a short sale.
I think that's what we're trying to figure out...
How much is the 2nd? 15kK