What Kind Of Offer Should I Make ?
I have a short sale on the table where the bank is asking for 403k payoff the property was appraised almost for 300k plus there is 20k in liens attached to the property. My client filed bankruptcy almost 2 years ago on the house. When I contacted loss mitigation I found out there were other investors who tried to do a short sale but were denied, because the mortgage company doesn't do short sales. The loss mitigation representative, I talked to said they were willing to accept an offer. Which leads to my question how much should make the offer for?
The bank will likely short to 80-85% of the BPO. Try to come up with an estimated current value and then offer lower than the 80-85% and work towards that.
Today I offered about 40% of the value (20% of the amount owed). We'll see what they do.
GOOD LUCK