I’m brand new in short sale and I have 2 deals. I got everything ready and I went to escrow co. for HUD-1 form to fill out by escrow. At escrow co. they advice me the lender won’t except your offer because; I offer very low $350,000 . House is located at Goleta, CA and by comps worth $820000 to 1000,000.00 Which is not true. Because there are bigger and better houses down in street. This house needs at least 160000 repair. First mortgage is $607000 and the second is $128000. What offer could be my offer? Please, give me a hand <3 =/
The other one is in ocean side, CA first mortgage is $550000 and seond is $110000. By comps house worth $640000. It doesn’t need any repair and I offer $399000. What do you think? Also it was in the market for 9 months but there was no offer no buyer nothing. It should be $520000 for quick sale.
please give me an answer?!
Your first deal can’t really be figured out by the information you gave. What can his house be sold for when it is done? That is a crucial part of evaluating.
The second one seems pretty good if, but you need to know how long a property will sit on the market for before it sells and what your carrying costs, cosing costs, realtors fees, taxes and insurance will cost you. Only after getting all that information can you figure out what you need to end up at to make money on a deal.