Hello, everyone.
Very-very new to this. We are trying to do a short sale with the bank through a realtor. We gave him our verbal offer, that the bank has rejected. Now we want to make another one, which is little bit higher. For this one we made a document in which we itemize all of our expenses for repairs, holding costs, etc. Is this a good idea to ask our realtor to send it to the bank for consideration? The reasoning behind that is that the offer is not “outrageously” low but reasonable – so they can see it too.
Another question: the bank has appraised a house higher than it is worth. We put in the document what we think the FMV (after repairs fair market value) is (it is 10,000 lower). In the letter we have also described how we came up with the value: we did take the houses for comparison with the same or higher sq ft, but took only those which had the same number of bedrooms and baths, and it came out lower.
Thank you very much!!!
Hi Kisa,
If this is a short sale deal you need to be submitting all the info yourself directly your the lender along with low comps, repair estimates, offer letter detailing their missed opportunity cost.
if the is a bank owned property you can’t do a short sale because they’ve already taken it back from the homeowner, you need to get you own realtor to submit the offer for you not the listing agent for the bank because they try to get the best offer they can for the bank not you.
Good Luck,
Tony