SS request reasonable

Foreclosures, Short Sales, Tax Foreclosures
1

Recently I looked at a property that is for sale with a realtor. The property is scheduled for sheriff’s sale in two weeks. The realtor and seller have already gotten word from the lender that they will consider a SS.

The seller’s obligation to the bank is $144k. The property is currently listed at $139k. It has been on the market for several months and no offers have been made. Again, it is scheduled for sale in two weeks.

During the showing, the realtor told me she thought the bank would accept $130k. Several weeks passed. A few days ago I called her and asked how receptive she thought the lender would be to an offer of $100k. Her response was “no way!” At that point she said they MIGHT consider $120k but definitely not $100k.

After thinking about it for a while, I’m thinking about calling her back and requesting that she submit the offer for $100k. The house could probably bring $140k after repairs. It needs the typical things … paint, carpet, new vinyl in the laundry room (it’s severly torn), and some general TLC.

I don’t think my offer is that far out of line. Any thoughts?

2

When you present your offer you should fax a list of reasons why taking your offer will net them more than taking it to sale, taking the property back, and selling it themselves.

You know how car dealers have a list of expenses that make up the price on every car window in the lot. This is so you don’t get sticker shock.

If you presented the deal to me the way you did, I would say the same thing.

By the way, sounds like you can make a good deal out of this one. Call them every day if you have to.

Good Luck.