Does anyone know where I can obtain free short sale calculators. I would like to know how banks/lenders determine their minimum price. I have searched yahoo and google but have not had much luck. Please advise.
I have a programmer building one right now. I have no clue when he will be done I will let you know. He has been on it for a couple of weeks.
Could you let me know when it will be done, please? It could be very interesting assignment.
Thank you
There is no calculator to figure it out Its about negoitions and what the bank will accept for the home. They are taking a loss. You can not say all banks will sell at 40cents on the dollar, some want 60, 70 or more. Its about the sellers position on the loan, the banks position and the buyers creditibility to close…
That is true, of course, but you could still create a program that will calculate a result based on different discounts (41% for example). It is a lot of approximations but it is possible anyway.
they have a program now, it is a call a calculator. If you know how to use EXCEL spreadsheet that will work as well…
I dont get it… Why do you need a Short Sale Calculator?
Put the house under contract with the seller for a value of 50cents on the dollar and submit… Make certain that you supply the lender with the propaganda that causes them to accept your offer and you’re done…
What is so cool is with the new tax law there isn’t anything negative to the seller, assuming owner occupied and less than 2m in loss, except a F upped credit score which they are going to have anyway…
Michael Quarles
What we are trying to create will show the average of what each lender has been accepting. Now keep in mind like someone said there will be a stuff to take into consideration such as if the second is larger then the first and who holds the notes. It will be a guess at best yet should be fairly close. We are using it for all the people that submit files where the house is worth 250k and they want it for 90k trying to put reality into our business. Last month we averaged 63.97 cents on the dollar so call it a 64% LTV so on a 250k note we could get it for $160k leaving equity to play with. Just not what some think we can get. There are people that are up really late at night watching television that get sold dreams. If you can get 64% you are doing awesome. On the other hand if you want 38% thats not going to happen to often. There are cases that it does just very few.