I am in the middle of a shortsale request with a lender. Here’s the scoop:
ARV 80K
repairs - 20K (at least)
My last offer was 36.5K
The sale is the end of Dec which is why(I’m sure) the lender is playing hardball. The house is in a town with a lot of foreclosures. I mentioned BK and shared with the lender that a similar house was just sold for 24.5K.
Any other helpfull suggestions would be great!
Thanks,
R. E. C.
Howdy REC:
Keep on pitching those strikes about how much it is going to take to repair and how hard it is to get owners to vacate after a foreclosure etc. Pretend like you have two strikes on them and they keep swinging at every pitch. I love the baseball analogies. I would not give in to them especially if 1st base is open (you have other deals to pitch at.)
I would send them so lo-ball comps or closed listing supporting your offer price?
Remember, You have to show them why thy don’t want to foreclose and get this property back. They will lose even more money in this property. ( it doesn’t hurt to remind them).