Child Tragedy --Will Short Sale work for them? - Posted by Fran

Posted by Fran on July 28, 2003 at 21:32:23:

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!

Child Tragedy --Will Short Sale work for them? - Posted by Fran

Posted by Fran on July 28, 2003 at 19:57:59:

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.

Re: Child Tragedy --Will Short Sale work for them? - Posted by rm

Posted by rm on July 29, 2003 at 13:39:02:

>How do I avoid realtor commission? Will First >negotiate even though Their payoff is lower than CMV?

The realtor commission is irrelevant.

Make your offer.

Have the property listed, if necessary.

Make sure the agent understands what you’re doing, and that they’re to follow YOUR instructions.

The realtor’s fee comes out of the seller’s (bank’s)side of the HUD.

Re: Child Tragedy --Will Short Sale work for them? - Posted by rocky

Posted by rocky on July 28, 2003 at 20:29:40:

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