I’ve been working on a shortsale for a property that has two mortgages, both with GMAC.
The total amount owed is about $460k.
About a month ago, after a long wait, GMAC finally told me that they would accept $400k for the property and not a dollar lower.
However, that’s still not a good deal, I told them I couldn’t take it at that price and the lady almost swore that they wouldn’t go lower. Turns out, she called the homeowner this week and said they would now take $385k.
So what does this mean for me!? I plan to resubmit the short sale offer… what should I offer them this time around? I want the house at $350k…
All depends on what you want to pay for it… GMAC is the strangest bank when it comes to that they will take 340k or so the closer it gets to sale date…
I had one today that I offered 235k on and the bank came in at 280k and wanted a counter so I told them 190k… They said well you came down. I told them someone had to they sure didin’t then they asked if I would meet them in the middle… Sure why not so we agreed at $235k Not to bad I guess. The appraised value was 332k SO 70.56% L.T.V.
Question: If you got the house for $235k, what is your next step? Will you buy the house cash from the bank, then resell it to a buyer you have already, or will you list it?
If you aren’t going to buy it cash, how will you do it? Do you have a buyer’s list ready? Will you try to buy it through a mortgage? Sell it to an investor?
Can you please explain your thought process from the point where the bank agrees to accept your offer…
You’re right about GMAC being a really strange bank. They first asked me to pay for my own appraisal and submit that with the short sale package. I told them that it makes no sense and is a waste of my money, b/c they’ll send their own BPO out to do the appraisal anyway. They eventually let up and I didn’t have to get it.
As for this house it was brought to me from another Investor that didin’t want to do the SS so I will make $500.00 and give it back to him to close and do what he wishes…
Me personally I would list it for the full appraised value $332,000.00 offer a 20% seller carry. (I HAVE A LIST OF 581 PEOPLE THAT NEED SELLER CARRY IN MY STATE) heres how that would look.
Appraised value $332,000.00
20% carry $66,400.00
Payoff $235,000.00
closing costs $8,000.00
CASH TO ME $22,600.00
Now that 66,400.00 would pay me $631.84 a month for up to 360 months… chances are they would refi.