Posted by shortyman on October 23, 2003 at 18:40:31:
Looks like a candidate for a short sale.
If they were foreclosed on the banks feel like they would get their notes back in full right? (95+17= 112k)
so what you do is take pictures of the worst parts of the house and see if you can get the FMV down from 115 to like 90-100 range or less because it needs lots of work, etc…, contact the 2nd w/ this info and let them know the owners can’t pay and the house is likely to foreclose. get the sellers to write a hardship letter and attest to this. negotiate them down from 17 to however low they will go and you will create “more room” in the deal.
if you make them feel they possibly could get wiped out, they will take alot less than 17k.