Short Sale Timeline
Quick question, is a short sale only possible before the property goes to auction or is this something that the banks may do after they own it? Thank
Quick question, is a short sale only possible before the property goes to auction or is this something that the banks may do after they own it? Thank
Thanks shortsalepro.
TO ADMIN:
How did my short sale post get from the residential to commerical forums? I posted in the residential originally?[ Edited by iamhappy on Date 02/27/2006 ]
How much will it cost to put the gargage back?
How much will it cost to buy appliances?
How long has the house been on the market?
If the garage were put back and the appliances were in place, would this house be comparable to the 115-120 houses in the neighborhood?
What is your market like: sellers market, buyers market, lots of inventory?
Its been on the market for 8 months, the appliances will be at least 2000, the garage will be probably around 5000. The market is slightly more a buyers market here but not by much.
Skinny deal=not enough money to be made in the deal.
You also need to account for the unexpected. What if there is something wrong with the main sewer pipe underneath the front lawn? Do you have enough padding in your deal to deal with that? Probably not if you are going to be buying conventionally and selling conventionally.
What is the asking price of the house?
Are you planning to live in the house, rent it out, rehab and sell, or what?
Well the house isn’t worth 115,000.00 and I haven’t even seen it...
Lets assume the figures from the above post are correct... I think they are very low for holding costs and don’t take into consideration cost of financing...
However a great start..
Run your comps based on the condition now as it compares to other SOLD properties and that will be your worth value. If you come back at 115 than you need to look at your comps again.
Something about the house is causing it not to sell. Remember there are only three things that cause a house to sell.... price condition and location...
It is your job to find the economic or functional obsolescence and determine the true value.
When you do then you must decide on what the Money Value is and for me it would be either 52,000 less or 75% of worth value, which difference is greater.
So if you come back with a worth value of lets say 110,000 than don’t offer more than 58,000.00...
When you buy property remember to never become emotionally attached to the outcome and always have more leads of properties to buy then you can purchase.
You’re in this business to make money not be a speculator.....
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Monkfish
I actually think your thought process was right on... and gave very good advice...
Just trying to add my too many cents....
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