All Short Sale Pros - What To Do Now?
I submitted a SS on a property.
The ARV is about 128k. A big part of the yard is sloped and the dirt in the yard has eroded and caused lot of huge openings. We got an estimate of about 8k to fix it and about 4k for carpet and paint.
With that we got some comps in the area coming at 112k and submitted an offer of 85k.
The bank came out today and said that 85k was lower and wanted us to increase the offer to somewhere near 125k. We said we could go up to 91k and no more. At 91k the numbers will be;
91k for the bank
3k for closing
12 k for repairs so we will be at 106k which is about 82.5% of 128k and the bank still rejected. The bank is saying that if our offer doesn't come close to 125k, it is waste of our time.
We did meet the guy who did the BPO and showed him all the problems with the house he agreed about the same and would write up in his BPO. Also we submitted pictures of all the big holes in the yard and quote for repairs
In the meanwhile the seller tried to contact the bank because she was worried about if the bank would go behind her for the difference. I don't know it that would affect the bank's decision.
As of now the deal is off. My partner suggested that I talk to the bank tomorrow and request for another BPO.
What are your thoughts?? Is this deal off completely or can anything be done so that the bank will consider selling at our offer price?
Forgot to mention, the property is scheduled for foreclosure on tuestdy next week.
Forgot to mention, the property is scheduled for foreclosure on tuesday next week.
You only get one chance to make a first impression. Your Proposal should be factual and compelling enough to convince the lender that the property isn't worth what they think it to be....
They feel it's worth $125,000. Are they right? Tell them that you are very much interested in the property... but can't believe that it is worth anywhere near $125,000. Ask that they FAX you a copy of the BPO and then perform a review of the BPO.
If you can't make any headway... attend the sale and see what it sells for.