I heard that lenders realy dont excet less that 80% of the amount owed. I have heard all the gurus say pennies on the dollar but all that i have spoken with are right around 80% and no less…
any imput?
thanks Tommy :
: :
You can discount more than 80%.
First it depends on if it is 1st, 2nd 3rd, Lien etc…
They mean 80% of the BPO.
I have a Short Sale where the homeowner owed about 120k on the house, I offered 55k.
They took it on the first try, so that means I offered too much.
It really depends on the condition of the house, how many back payments are owed, tha area the house is in, and what bank it is etc…
If it is a 2nd mortgage don’t pay them more than 10% of the motgage balance no matter what it is.
I don’t really know is there is a rule of thumb, but you have nothing to lose!!