I have the deed, sales contract, title, appraisal for 120k as is, retail list of repair costs. priciple balance 139k, 152k in arrears and legal fees. Non-conforming lender holds the note. Lender is stating the house goes to courthouse steps on feb. 12th. They are fielding my offer. Any suggestions on what I should offer on the sales contract. Minor repairs and it will sell for 155k to 165. Owner are slobs, property doesn’t show well. Offer is going in at 80k is this tooo low any help would be great. No financing contigencies, I can close any time.
I figured 70% of $155,000 and came up with $108,000 less $8000 for repairs would be about $100,000 for your to offer. Bank is looking to get as high a net figure as possible and may not take $80,000 but that is a good place to start. Really depends on what value their BPO comes back at. You have done well so far in getting the deed etc and I believe this will be a winner for you.
Good LUCK and Thank You
Hope this helps some
PS I just noticed you had appraisal of $120,000 as is. Let lender do an appraisal or BPO for themselves.
I sent my offer in at 60k due to the loss mitigation manager told me to make a cash offer to close by the end of the month and if my offer was in their range they would not order the Broker’s Opinion. It was to low and they ordered the BPO. They are motivated they said after they get the BPO they would accept or counter. I meet the BPO agent tomorrow at the house. Any suggestions. Really anything under 100k will be a net of 40-50k. Thanks for your help
The only thing I would suggest is to point out EVERY little flaw to the person doing the BPO… also slip in somewhere how much you were offering if you have a good rapport with them. Sometimes this will reflect on what they say the home is worth… just from my experiences.
Take lots of photos (inside and out) and e-mail them to lender so they can better see the reason for your offer and the condition of the property.
I have a question:
Recently I read somewhere that if you record the deed before the bank accepts your short-sale offer and you close on the house, that when the bank does the title search and sees you on there, that it creates all kinds of issues because you already own the property, but are trying to negotiate on the mortgage…I hope the way I’m posing this question makes sense…
What are the benefits of getting the deed before the bank even accepts your short sale offer? What if they don’t accept your offer? Where does that leave everyone?
You do not have to record the deed. The title company can hold in escrow if you use a title company or if you prepare your own deed you can put it in a drawer until the bank approves the short deal. Otherwise you can let the seller know that the deal is a no go and tear up the deed.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Thank you for clarifying!