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