The owner owes close to 125,000 on the property. I offered the bank 75% of this number. The bank stated that the property is worth about $185,000 (which I don’t believe it is) and they are looking for full payoff of the loan. Is this a negociation tactic by them and how should I counter, or should I. I can probaly get a buyer for the property at 150-160.
Do you have comps for this property? How many mortgages? Any repairs?
I was only able to get comps off line, because I have not found a real estate agent to network with. I will be looking for one tomorrow. The homeowner just showed me the appraisal for 2006 and it was 142,240 (far from the 185,000). There have been no improvements and the home requires minor repairs. Comps in the area are selling between 135,00 and 150,000 (but once again, I got this info off of yahoo real estate). What should my next move be.
Where are you located?
Greenville NC - Pitt County
Did you have the home owner to write “hardship” letter first?
If so, after the first counter offer is to talk about the area where the house is. Is it going down? Talk about the property why you don’t believe the house is worth what they say it would. Take pictures of damages!!. Do LOW comps. Don’t do high comps.
Hope this help.
Think you for the help! I did have the homeowner do the hardship letter and I sent in pictures of the damages. I also provided low comps. The bank just felt that they were taking more of a loss by shorting the property. This could have just been their way of negociating. This is my first negociation, so I’m not use the how the bank responds if they do not like your offer. What I will do is send in another offer close to 125,000 (orginal offer was 93,750) and then sell the home for 150,000. Not the biggest pay day, but it’s better then losing the deal all together. What do yall think?