Can someone tell me roughly how much of a loss the banks have been taking. Anyone that has done a recent short sale.
For ex: if the house is worth $100K
$95 is owed to the bank
How much do you think the bank would be willing to take?
There is no good rule on this. It depends on lots of things like condition, lender, how far behind the owner is, etc. Do your numbers, figure out what you need to buy it at and give it a try.
Thank you very much.
Normally if the house is worth more than the mortgage balance then the bank would have to have a great
reason to do a short sale!! There would most likely have to be some serious issues to convince them to
settle.