What Should I Offer In A Short Sale?
Property was bought by bank at sheriff sale in a foreclosure action they brought against builder. Bank was owed several million dollars and bank just bid the appraised value of completed home....home is not complete! I want the property, but want it at a deal!
Has anyone had a similar situation? If so, what % of appraised did you offer and what was finally agreed?
THANKS
Short sell is a technic prior to the auction. The house is now an REO.
Is the house listed with a realtor?
I would have a hard time believing that the bank would take less that what they just bid at the auction. Obvioulsy they feel that they can get at least that once it is listed.
Brenda
Try this link:
http://nationalcitymortgage.equinoxco.com/pdsearch/Login.jsp
u can use free websites like realtytrac and whatnot or you can get your real estate liscense or you can do what i did and get a realtor who will give you there mls password. good luck.
First off, you need to get the bank to agree to a short sale, not the seller. And if the seller is making payments, but lender is not going to listen to short sale offers. The loan has to be in default.