Is anyone really getting short sales approved at 65-70% of FMV. Because every person i meet at my REI club is complaining about not being successful at getting those percentages. I am not, so could someone please be truthful. I have deals on my books I have been trying to close, if it is not one thing, then its another with the banks. My deals are packaged correctly based on each lenders guidelines. Please let me know. Please no personal attacts
It is very possible. I got a short sale for 88k on a property where the FMV was about 170-180k in average condition. This is very recent with Ocwen. THey did not send an agent or appraiser out to do the BPO, but requested the BPO from me. Im an Appraiser in NJ, so I had no problem submitting the information. I also submitted repair estimates for the property in the range of $30K. I sold the property for $140k. It is possible, but dont expect that with every SS. You have to really build a case.
all banks are different. Lately I am finding BOA to be very tough. Working deal with BOA as 2nd and so far I have gone as high as 50 cents per dollar and still they declined it. The first has considerable dropped what they want to accommadate BOA but I am thinking they do not want to deal on this property at all and take a full loss
Thanks alot for your input. Someone once mentioned that there are lots of opportunities to get properties SS, I think the banks are catching on.