I got a deal that the owners owed the bank $350000. $280000 on the first and $70000 on the second.
I placed a shortsale offer of $167000 and the bank came back with $260000, $259000 on the first and $1000 on the second.
To make this work I need the bank to come down to $230000 or less.
I need suggestions on what to do to get the bank to $230K or less.
P.S home ARV range from $305-$310K under normal selling conditions.
You said ARV 305-310 but didn’t give an estimate for repairs.
Are the first and second both held by the same institution?
Realistically the repairs are about $15000, I got high repairs from my contractor for $27900 but its verifiable.
Second, both loans are owned by both banks.
Not sure the details of your offer, but you have to justify your price. Do you know what the BPO came in at? Lenders are going to base what they accept on the BPO. If the BPO is too high, the price the bank gave you may be as low as they will go.
Good news bank countered at $208K
Arv is $310K
What bank are you dealing with?
What did you have to give homeowners to be able to ss? Just curious as I am new and trying to learn all I can. Thanks
typically, a way out of their mess! I usually also offer UP TO 2K to help with moving expenses, and getting into an apartment or new place. If they want something in writing, I do a bill of sale for appliances or something like that. I used to make the mistake that I’d offer them $5, sometimes 10K! One deal we had to give the lady $15K or she wouldn’t deal, we talked her down to 10. Now, if I get a homeowner like that, I just say “I’m not your solution” or something along those lines, and move on. They usually end up calling back.