I need to fax my short sale app this morning. How much do I write the offer to the homeowner for? House comps for 300k, owner has 1st and equity line for total of 310k with atty fees. Do I write the offer for the total of what I’m trying to get the banks to accept as a short? Repairs are 18K. I’m thinking that I will write the offer for 200k.
Can anyone recommend a site that assists with filling out the HUD-1. I have never done one before.
Thanks for the help.
I would say to low ball them. If you want it at 200k, offer them $175k and show that there’s $20k of repairs needed. If they don’t accept, you can always raise it. But if you start with $200k, you’re already at $220k after repairs. And it may comp for $300k, but I believe that in this market it’ll be tough to sell it at retail value. Of course, your market may be different.
As for the HUD-1, I’m not too great with it either, my partner usually does it. But if you find a good resource please let me know too. Thanks.
Thanks, but I’m not concerned with the owner accepting the offer. She will accept it if I write 20k on the offer. I’m concerned with what the bank wants to see written in the offer and how the offer price affects their decisions on the short sale amount.
Ask your title company to do the HUD-1 for you, they usually do it for free
Thanks, but because the owner waited until the last minute. I need to submit this today, and my lawyer can’t do it this week.
w/o knowing the whole deal or seeing the house I’d do a REAL rough estimate of
184 as initial offer
Did you do .8 based on the assumption that PMI pays the other .2?
Where did you get .8?
"Ask your title company to do the HUD-1 for you, they usually do it for free "
This works & is just one less thing to worry about.