Chase bank sent me a counter offer of $380k.
What should I expect them to settle at based on that counter? The BPO had come in at about $350k.
Is it safe to say that they’ll take at 20% off their counter and accept an offer of $300k-ish?
Hi,
NJbird_Dog I would stop chasing "Lunny Birds" as I think your off in a bad direction!
$350,000 Home
<35%> Average investor Discount!!! (Home priced over $250k)
$227,500 THE VERY MAXIMUM DOLLARS YOU SHOULD SPEND ON PRISTINE CONDITION PROPERTY!!!
(I have to stress this line above and I am not yelling at anyone!!!)
If you can not buy it for $227,500 in pristine condition, go to the next property!!!
Do not pass go, Do not collect $200 dollars!!
GR
If the property is in good condition, Chase will probably hold out for a owner-occupant purchaser.
All the best,
~Slim~
I had a conact several years ago in LM with Chase and she was the ONLY one I seemed to get things done through. She would help me out in non SS cases as well. Anyway, I will attempt to locate my SS LM contact list to get you her name as her extension has likely been changed. Seems like every demon spawn lender has just ONE useful productive employee willing to think and see things through, she was Chases:)
Good Luck and Have Fun!
I’ve always been told to start with the end in mind, so my question is what is your exit strategy? Do you already have an end buyer, if so what is your profit margin or expectation. You should already be prepared. The BPO is the holy grail of a short sale, and if that BPO is high, there goes your deal (period). If it don’t make it dollars, then it dont make cents!! GR is right.
I think if you have 380k counter offer you should go for the short sales instead of chase the bank. In case of bank you would have to wait for several months but in short sale you can have 350k immediately with in a week.
Gold River,
Easier said than done. I initially offered $225k and it was flat out rejected. The property’s in great condition and it’s for an end-buyer, not an investor’s flip.
I have the bank down to about $320ish now, but anything below $300k seems out of the question. If the bank counters at $380k, what tactics would YOU use to get them down as low as $225k? or even $300k??
Hi,
If your a real estate agent getting the best deal for your client then make a retail offer!
If your an investor and want to make something for yourself along with passing your buyer an amazing deal then $225k is correct!
If your an investor and can’t do this on to the next deal, you can spin your wheels, cuss, beg and plead and the bank won’t move if there dead set on a retail price.
Next property please!!!
GR
I’m the short sale negotiator looking to get the best deal for the buyer, who is a personal acquaintance :biggrin
So something in between the retail and wholesale price would be fine with me.
The bank definitely will not accept the wholesale price on this deal, I’ll be happy with low $300-320ish.
Good to know that you’re getting approvals at such steep discounts!
The mortgage company has the right to sell the unpaid balance to a collection company under a short sale. Due to the fact that you live in a non-recourse state they cannot come after you for the $27K deficit, however the foreclosure will stay on your credit report for 7 years. There is no guarantee that the mortgage company will sue you or sell your debt to a collection agency.
However if they do you are still responsible for the debt. Being responsible for $27K is much better than being responsible for the full mortgage amount. Your best option is to accept the short sale offer and save money in the event that the bank requires you to pay the $27K. If they do come after you try to negotiate the amount you have to pay. The best way to negotiate is to save up money and offer a lump sum payment.