This is my first short sale and any and all advice would be greatly appreciated. Here is the scenario:
First Mortgage = $218,400 with Indymac
2nd Mortgage = $54,600 with GMAC
This guy bought the house brand new in 2006 for $273,000. The builder is now selling the exact model match for $235,000. There is currently another model match REO for sale for $213,000. We live in Las Vegas, NV so all of the homes in a subdivision are exactly the same. I have a buyer who will pay up to $219,000 for the home as long as we can add closing costs into the loan? Closing costs would be about 8 thousand for the new mortgage. Since this is a brand new home, it is in good condition and would not need any repairs. What pay off amount should I shoot for on the first mortgage? How do I add in closing costs for the person who will be buying the house in the end? How do I setup everything so that I can make a commission?
You had me until your last question. Are you a real estate agent?
You’ll need to schedule a BPO with the lender. When the broker shows up, you’ll need to provide them with several low comps. If the builder is asking 235k, then perhaps there’s some other ones that have closed at or below that price? Find the lowest ones and show them to the broker doing the BPO. You need to crunch your own numbers to figure out what your offer needs to be. Just work it backwards from your 219k sales price.
I think you are right, this cat is a realitor… hey budie ask you manger in your office how to do all the fancy, dancy stuff!!! thats why you guys go to school right? (sorry i have a real sour spot for realitors, been screwed to many times untill i smarten-up…lololol)
ok how much "commission"do you want to make??? just make sure you have enough room on the backend when you negotitate the deal for what you are selling it for…
To my knowledge short sales are not part of any licensing courses anywhere in the US. Short sales are “not why these guys go to school.” This is forum is for people to ask about short sales, not to be badgered by anti-agent people.