We Dont Do Shortsales?
I have two properties im working on (Ameriquest and EMC) where the mitigators say that they dont do shortsales below the property value (their BPO.)
How should I approach this? Do i just act like they didnt say this and offer my ~80% of the BPO. Should I even try to argue with them telling them that they will incur all these costs so it makes sense for them to do so.
I feel like when they say that they are painting themselves in a corner and now wont accept a shortsale because they dont want to go back on all their firm statements and lose face.
How do you pros handle this???
Thanks,
Joel
Obviously the deal has to make sense for you. If the numbers still work, I would submit an offer that is below the BPO, but not too much below the BPO. It is not uncommon for them to give a hard number, and then allow maybe 10% deviation from that number. It is a negotiation.
Brenda
A preforeclosure short sale is indicated if the Seller cannot bring the loan current, and cannot sell without mortgagee relief... and the top selling price is $133,000 (appraised value) but the mortgage payoff is $155,000 and growing.