I’m working on a deal in chicago, IL a 2 unit brick building in a ok area of chicago (southside of chicago). The owner mortgage was around 230,000 for the building and now she owes around 316,000 on the mortgage. She’s behind like 6 months and all of the interest is adding up. So I submitted a short sale package to her lender which happens to be option one. My offer was 100k due to the downturn in real estate and the damage to the property, the previous owner did a patch up job and it’s really sh*ty work. I have a buyer already to close the deal at 112k, my problem is the bank denied the offer of 100k. They are asking 253,000 and that will not work and at the end of the day if it foreclosure and become REO the property will sell for that amount to investor in chicago I know my market and 253,000 will not work at all. what can I do to get this deal done. :help

Did they do a BPO, what did that come in at? Maybe you need to challenge that. Did you send them a list of repairs that are needed and comps of similar properties to show that it is not worth that?