short sale - Posted by Cindy

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.

short sale - Posted by Cindy

Posted by Cindy on September 30, 2003 at 22:51:11:

I heard someone mention getting a deed when doing a short sale. Is this to keep the seller from flaking out after you do all the work to get the bank to agree?

When filling out a sales contract do you just pick out a lowball price to fill in? Then go back and change it to any agreed upon price with the bank later?