Submit to loss mitigation dept

Foreclosures, Short Sales, Tax Foreclosures
1

Ok guys & gals I am trying to get this property to about 85k, what would you all add? Also,how much can I get them to discount for sexual offender list of 14 people in same zip? I am gonna give this to the bpo & loss mitigator, is that advisable?

Date Sold Sold Price SQFT Lot Year Built $ per Sqft

House I am buying
5/10/2005 $147,088.00 1831 7345 2005 80.33205898

AVERAGE DOLLAR PER SQFT 2005 80.33205898

COMPS
3/06/2006 $117,000.00 1801 7665 1980 64.96390894
5/30/2006 $120,000.00 2070 8496 1974 57.97101449
3/06/2006 $122,685.00 2123 8340 1978 57.78850683

AVERAGE DOLLAR PER SQFT TO DATE 60.24114342

CURRENT DOLLAR PER SQFT VALUE 1831x60.24114342= $110,301.53

Repairs/Cleanup
Sod Yard (see bid) $5,000.00
Clean House/Haul off trash (see bid) $1,000.00
Touch up paint (see bid) $750.00
Closing Costs (Estimated) $7,500.00

CURRENT MARKET VALUE $96,051.53

2

Your subject property was built in 2005 while your comps are 25-30 years old. You may find it difficult to support the $60/sq ft estimated value on the newer property.

3

Try to find REOs in the area that were built around 2005 & use for comps.

4

Hard to say if the sex offender thing will work. That plus other supporting info about the area might help. It will depend upon the lender.
I once sent in a proposal including all 40+ offenders in a 1.5x2 square mile area, the statewide crime report showing that this area was well above the state average and the school report card showing that all of the schools in that district failed to meet the states minimum requirements. The lender, Equifirst, ignored all of this and is taking back the home. BTW my offer was above other REOs in similar condition. Go figure.

5

thank you all for the input,I appreciate it.

6

Comps that an appraiser and lender use are within the last 6 months. You can find the recently sold comps at www.zillow.com. Don’t pay too much attention to the zillow value. Look at the sold price of comparable units to get a rough estimate of the actual value of the property.

Dave