Need advice for Short Sale/REO package - Posted by Stu Harnden

Real Estate Investing
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Posted by micheleCO. on October 07, 2003 at 21:51:50:

You should also include a net sheet to show exactly what they will net from your offer. You can use a Hud 1 or make your own. Michele

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Need advice for Short Sale/REO package - Posted by Stu Harnden

Posted by Stu Harnden on October 07, 2003 at 17:57:38:

Hi there,
We have located a property that was foreclosed on about 6 weeks ago. I have contacted the lender that foreclosed and offered to board up the windows where the kids have broken them out. I used this oppertunity to talk to the Loss Mit dept. and they said they would be open to a offer for the property. So this is sort of a cross between a Short Sale and a REO. They do not receive the deed untill Nov.1, so I have some time to put together a package. This is a area that we know every house that has been for sale and how much they sell for. My package will have pictures of all the negative features of the house [which there are plenty], the estimated cost of repairs, the Comps/Market analysis and the Real Estate commision. I have first crack at this and I would not want to screw it up. Any help or suggestions of additional items I should put in the package would be appreciated. I have worked for two weeks to get to the right person. I have figured the repairs so I am sure of them as I was a contractor untill I retired. And this would be my Wifes 13th house she has rehabbed. but she lived in them, so she did it the hard way.
This is our deal.
ARV=65,000-68,000
Repairs= 25,000
Our offer to lender 20,000. This looks like a low offer but the house is trashed and we have the pictures. Thanks in advance for your suggestions or opinions. Stu

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Re: Need advice for Short Sale/REO package - Posted by Heather -Tx

Posted by Heather -Tx on October 07, 2003 at 23:57:46:

what were they planning on listing the home for ?

I worked on a short sell for SIX months, and took pictures, submitted estimates from 3 different contractors to justify my price. They had an appraisal done that came back at 36K My offer was 35K. They told us they were going to acceot our offer. Then the next day we got a call saying that the left hand didn’t know what the right hand was doing at the bank, and they foreclosed on it that very day. GRRRR!!! So now they ripped out the carpet, and aired out the house (Dogs locked in for 4 months alone, owners only came to feed them) And they ordered a NEW Appraisal that came back at… 60K!!! Just for ripping out the carpet and airing out ?? I left my 35 K offer in and told them good luck LOL

I hope I find a shortsell that the bank is all on the same page with… as I would love to do one for the experience alone. Hope yours goes better than mine :slight_smile:

Heather