Thanks. This is my first short sale. Do I get appraisal and inspection before submitting a contract? Who pays for this and when? I am in Cincinnati Ohio.
Also, can you comment on the requirement of listing with a realtor–90 days minimum!
I’m in contact with two banks, first lender is owed about 82,000 and 2nd is owed 40,000. Second has been charged off so now I have to negotiate with the Recovery Dept.
House comps between 120,000 and 130,000. Repairs are 20-25,000. First is with Chase and their short sale application requires the house to be currently on the market at FMV. The house has been vacant 1 year and owner is out of town.
How do I avoid realtor commission? Will First negotiate even though Their payoff is lower than CMV?
Please help! Family has experienced tragedy and just wants out.
A short sale could work if your market favors buyers. You did not indicate where you are, and I really can’t give you an accurate answer without that knowledge. Sounds like the banks will have to short sale even at auction with the sales comps being what they are and given your estimate on the amount of repairs needed. However, in a fast market, they might feel confident in their ability to sell the house at a high enough price to recover most of their money. What you need is a home inspection and an appraisal. Go from there.
Good luck and good investing,
Rocky