hsbc said make fmv offer

Foreclosures, Short Sales, Tax Foreclosures
1

hi all
2nd mortgage of 53k i offered them 8k. 1st mortgage + payoff is 186k
fmv 265k all day. offered full pay off on 1st . and 8k on 2nd. mr. banker for 2nd mortgage said make my offer at fmv. what does this mean?
yes 1st is in foreclosure

2

It means that he wants all his money…He probably knows the property is worth “$265K all day”, too.

Keith

3

so he stands to lose 53k

4

…only if they sell for less than $209K!

A lot of these lenders are not going to move much to do short sales on properties with equity in them and this one has at least $56K of equity…

Keith

5

Every lender wants Fair Market Value (FMV). This is okay because I want to make a FMV offer. As a short sale expert it’s my job to make a case for my FMV offer. So, no matter how low my offer may seem to the lender, my short sale package will support the offer. When the loss mitigation rep says “We need fair market value.”, I say “Perfect! A fair market value offer is exactly what I want to submit.”

6

I must be missing something! $186k+$53k = $239k

  • closing cost, ins, back taxes,paint and carpet,carrying cost.
    BPO come in $224k,
    real estate agent said list for $265k
    I think I made my case to hsbc, If $8k is not enough why not counter

thanks for the feed back

jason

7

No you’re right…I must have seen the figures wrong or transposed digits…

Keith

8

Any advice on secound mortgage.I sent a stronger letter explaining they are about to lose all their $ at the court house do to collusion
I hope this will do it.