What Should I Counter With Washington Mu SS
Homeowners owe 208,000 40,000 of that is arears/fees Saledate Is 6/15/04 We had an appraisal done and it came in at 237,000 Washington Mu is coming in at 260,000 with there BPO property vale is belived to be between 235 low side 250,000 high side princepal balance owed is167,000 offered 165,000 does bank bpo always come in much higher Tuesday they tell me what I should expect when it comes to what they want to short for and if so what should my counter be. Given an avg.
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All kinds of reasons why a BPO (an opinion) is more optimistic than a certified appraisal (an opinion from a disinterested, qualified third party).
"Read Blown Away by their CMA?"
[addsig]
Thanks Shortsales pro
Where can I find this blown away by their cma!!
And what would you say Washington mutual will come back with on tues given the numbers!!
Hi David,
"Blown away by their CMA" is one of the Short Sales Pro's articles. You can access it by clicking on the "Articles" tab at the top of the TCI screen, then click on "Topics", choose "Short Sales" and scroll down for the article. It's a good one--one of many great articles on this site! Good luck with WA MU. :-D
From personal experience dealing with WAMU, if their BPO shows $260k and they're owned $208k, they won't do a short sale. This was a year ago, but I doubt things would've changed. Unless you can try to talk sense into the Wamu directly, which is extremely hard to do. :(
Sounds like WaMu has sense. Why would someone want to sell something for 165 when it is worth 260? Unless you can show them that it is not worth 260, it is not a candidate for a SS.
Brenda
I agree, not a short sale candidate. $27000 or more in equity, no need for bank to short sale - they will easily get their money at the auction plus their hefty late fees.
Just buy the property and sell retail quickly (cheap for say $230000 ) and make a quick $22,000 minus expenses.
Kelly[ Edited by knucs on Date 06/01/2004 ]