Unsure If SS Material?

Comments(7)

• 
  active_re_investor16th September, 2004

  SSPro - what is meant by PFC?
  
  Thanks
  John
  [addsig]

• 
  renewpp16th September, 2004

  I believe pre-foreclosure.

• 
  renewpp16th September, 2004

  Thanks SSPro. I have not done a SS before, do I begin with verbal inquiry with mortgage company? Do they provide the short sale package, where does this come from?

• 
  patricc6816th September, 2004

  pre-foreclosure candidate

• 
  Arcadia16th September, 2004

  Hi,
  
  Personally I feel you are offering too
  much on ss properties. The rule I
  go by is on amt owed not fmv. If
  $80k or less start at 40%, if over $80k
  start offer at 50% of amount owed. I have
  had pretty good luck with this and have
  have gotten several nice cks. It also depends on if their is one lein or several. Also, I meet with the BPO person, if not a drive by, and give them copies of hardship letter, repair estimate & comps.
  
  Just my 2 cents worth!
  Arcadia

• 
  renewpp16th September, 2004

  After further research, the FMV is around $110k. Keep in mind this property is in great shape. My intention of trying to SS is to waive some of the $36K of back interest and fees. I have spoken to the lender today and received info on where to send SS offer. Copnsidering $85K and see what happens. Any hope here? If this goes to auction, any guess were the bid may start base don the mortgage balance vs. the reinstatement fees?

• 
  TheShortSalePro16th September, 2004

  Arcadia, that might work for you... but I think it's best to place yourself in their shoes... know what particular criteria they must observe.. and make a realistic offer have it accepted, then move on.
  
  Shorts are always predicated on the as-is, fair market value.... not the amount owed (except the FHA dual ratios)