Short Sale Advice Needed! - Posted by Shogan

Posted by Max-Va on June 26, 2007 at 19:03:16:

the first will determine how much they will allow the second to recieve.

on your numbers what did the BPO come in at?

Short Sale Advice Needed! - Posted by Shogan

Posted by Shogan on June 26, 2007 at 12:03:37:

I have 6 potential short sales in the hopper. I have never completed a short sale, I am expecting to close at least one or two of these. My question is this: Do I base my offers from the price I expect to sell it for in today’s market? For example: If the homeowner purchased the house for $443k last summer, but in today’s market if I want an offer within 30days, I feel I should put the same “pretty” house on the market at $350k. So I am looking for confirmation that I should be offering 70% of $350k or an initial offer of $245. The first is owed $355k the second is owed $88k. What would be a reasonable first offer to the 2nd mortgage? thanks for any feedback!! How are other short sale investors doing. I cannot find anyone with equity in our area, I am only being presented with short sale opportunities right now. Mostly, pretty houses in pretty areas!

Re: Short Sale Advice Needed! - Posted by James

Posted by James on June 27, 2007 at 09:47:54:

Offer whatever the bank will take. You might want to consult with a psychic at this point, as their guess would be about as good.

Basically, try and get the BPO’s numbers and see if you can come close or prove why your numbers are what they are.