Re: Banks Gone Wild (long) - Posted by lukeNC
Posted by lukeNC on April 26, 2006 at 08:50:32:
i’ve said this many times.
short sales are a numbers game.
Sometimes the lenders will take a number that is outrageously low, other times they won’t budge.
I had one where the lender took $150k on house they were owed $210k on and the house was easily worth $225k.
I had another where the lender was owed $600k on a house that was worth $520k, they would not go lower than $600k. They foreclosed and ended up selling it for $325k 3 months later.
Exact same situation on both, the houses were in good shape, there was no pmi, etc…
It boggles the mind…
I have found that the lenders will discount dramatically on homes with lots of repair needed, so I concentrate on those.
I still like them, they take no money at all to do them, either borrowed or out of pocket, and there is an endless supply.