Short sale offer on condo in NYC

A little help for a newbie please: Generally, what percentage of FMV would be acceptable as a short sale offer?

If you are not offering fmv then the bank will likely reject your short sale offer. You need to convince the bank that your offer is the fmv.

Thanks for the quick response.

Just curious: If the current owner defaults and the property is taken back in foreclosure, doesn’t the bank stand to lose more than to accept a % of FMV before that takes place?

Maybe a better question would be what percentage of the outstanding loan is generally an acceptable offer?

IMO a good place to be is 80% of FMV or lower. Obviously there are numerous variables (and your ability to build a good case) that will determine just how low the bank will go.