I finally found a serious end buyer but haven’t heard back from the lender. I will call tomorrow, but any ideas?? The judgement is for $206K plus penalties, there is a second for $52K. My offer is for $203K, the FMV is around $270K, the end buyer will pay $248K. The problem is the appraisal came in at $260K, I think because they called it 4 BR,k and it is really 3 BR, with a den in the basement. I sent a letter back to the lender explaining that, and maybe they need another BPO or appraisal. Also, I am paying 6% comm. to my agent out of my profit, but it’s still a great deal. I just need to get the lender to budge.
Well in the lenders eyes your asking for 78% of the BPO which isnt such a bad offer depending on where in the country you live.
However if there was a mistake in the initial BPO of the property, that definitly needs to be brought to the attention of the lender, especially if that means more profit for you.
It might be too late but it is worth a shot and who knows they just might accept your offer at 78%.
My advice is if they refuse to do another BPO, but counter with an offer that still makes you money i would take it and run. You cant make a ton on every deal, but if you can get paid you cant complain.
However on the contrary, dont get emotionally attached. If they wont work with you just walk away, plenty more short sales out there.
I would also recommend that the lender pay the agents commision, i myself am an agent and always get my short sale commisions paid by the lender.
6% to only him seems steep as well, i bet he would be willing to take 3%. It should be 3% to each agent and you shouldnt be stuck paying the entire thing.
I was going to say the same thing as CalREGuy. If the agent is the only one involved in the transaction, they should definitely be willing to take 3% or lower. Try not to get realtors involved if possible. Usually they tend to just get in the way.