I have heard many conflicting stories about how much lenders are discounting the ss, i.E 15,20% etc. off market value
What have you received???
Also is there anyway to determine what they might take as to avoid the runaround, like a formula they use???
I plan to do a-b b-c transactions.
Was in meeting w/ a head supv for loss mitigation for Wells Fargo about 2 mos. ago. He had range of 80-88% of BPO. The range depended on how much “junk” was on the HUD.
He couldn’t speak for other lenders but this is a good guide. I have a friend that has done some FHA shorts and I believe he said they hold @ 82% of the BPO.
So, as is the case most times, really hammer the BPO and use every tool available to get it as low as possible. Get your own comps, rrepair estimates, etc to justify and make your case.
Hope that helps.
Depending on who owns the loan (FHA,VA, Fannie, Freddie) they will take different percentages off the BPO
I agree with surefire, BPO is really where you want to focus on getting your discount. The % they take off is just gravy.
I am seeing right at 80% nationwide. Depending on the lender and your contacts you might be able to get it lower then that.