I am seeking some advice from experienced folks so that i
don’t blow this.
Two deals in progress. Will close with Cash, so financing is not
SS with Citifinancial.
BPO - 121K
My offer - 104K( Lenders net is about 103K).
Lender wants Net - 110K
ARV - 135K
I want to keep my offer lower than 110k, so i can help the
Can i hold my position or will the bank bail and take to
foreclosure?? I want to keep the negotiation going, but
at the same time, some one will draw the line.
SS with Countrywide
Appraisal by Lender - 318K
My offer - 290K ( Bank net - 288k)
Rehab - 5K
Lender says that they want a full pay off of about
ARV - 345K
They need to factor in the broker commissions as a REO if
they do foreclose, which they have not considered given
their Appraisal estimate.
As again, i want to keep my purchase below 300k to help
the homeowner relocate.
The countrywide deal seems to be a pain in the hind.
They say that their investors, “bank of NY” has rejected the
SS proposal and wanted a full payoff.
I can make money even at full payoff, but want to do better
if they take a cut.
Now here is what i wish to know from folks that have dealt
Do they not just base their decision on the “Appriasal”??
Do they perform their own property value estimation with
information from Comps/Zillow/Appraisal etc?
I am close to telling them to go ahead and foreclose. I can
then pull the plug at the last minute by paying off the
deliquency and then taking over the deed or something of
the sort. I don’t care if they call, since i have the cash to toss
at their face.
In all fairness, they should at the least discount the broker