Short Sale Bid-a-thon

Foreclosures, Short Sales, Tax Foreclosures
1

I am working with a bank on a short sale on a property that I think is worth about 90,000 the mortgage owed on it is 100,000. Originally, I placed a bid for 50,000 and now the loan servicing company has just responded with a counter of 85,000. I am unfamiliar with the process and I don’t want to pay over 60k for this property. Do I counter them at 55k or with my final counter at 60K? I am supposed to call them back today so if you would be willing to respond sooner rather than later that would be helpful. Thanks

Mike

2

Howdy Mike:

If you are talking to them one on one just let them know that $60K is your highest and best off and to take it or else. Point out all the stuff that is wrong and that they will probably not net this much thru a Realtor and the carrying costs etc. Be nice and firm. Be willing to walk away if you do not get it for the $60K