Here is a detail on this short sell: A lady owns a home with first and and sencond mortagate from same landr. Home is worth about 130k. she owes about 150k in total with some back payments. Bank has asked/approved the sell. A agent has listed for 135k. Now this is not normal sell… this is a short sell. How much shold I offer them. What should be my justification to this low price… please help.
Need more info on this deal !
I personally offer no more than 50% of the loan balance. This works for some lenders but not for all. Some will not even consider an offer under 70%.
You have to justify your offer with repairs, holding cost for lender, damage after the homeowner vacates, and possibly the addition expenses the lender will have if the homeowner decides to file bankruptcy.
You have to make sure the listing agent understands your position and not work against you. If possible get the homeowner to draw up a hardship letter to send with your offer, asking the lender to accept your offer because your offer it is the best one recieved so far and they can’t afford the home anymore.