Posted by Randy on October 01, 2003 at 09:48:50:
Getting a deed is a good form of insurance, may be overkill when you haven?t worked the short sale yet. A sales contract with the seller is probably sufficient most of the time. As for determining the purchase price, if you are able to obtain comps on the property, take 65% of the ARV ? repairs, holding and resale costs and profit= Offer. That is where you start with your short sale offer to the lender. If the final number approved by the lender is more, yes adjust your P/A accordingly.