Posted by NJD on May 08, 2007 at 07:40:15:
a lender asked to consider accepting less than due predicate its decision on the confirmed maket value of the subject property. Most want 100% of FMV. Some settle at 80%. Many factors influence the desired net recovery including insurance.
Short Sale Help!!! - Posted by Shogan
Posted by Shogan on May 07, 2007 at 23:34:16:
I am in the process putting together an offer sheet for a short sale. To really make this work for me, the lender would have to take 36% of what is owed. ($215k owed, my purchased price $80k)(BTW the lender is HSBC!) HSBC refinanced this property at 198K, the land is worth 119k and the house is worth 46k (if that). The house would be demoed and we would sell the land. (1 acre) To really make the deal work for me I need to get the property from the lender at about 80k. My question is how much of a discount has anyone got on an accepted short sale? I am putting together a great submission package. This property truly would be a liability for any bank. Any advice on how to get this much of a discount on a short sale? Thanks!