Bank Want 11k Nonrefundable Deposit For Short Sale
The sheriff sale is a week from now. the bank rep said that they need 46-60 days to process the short sale. For them to stop the foreclosure and evaluate the short sale, they need 11k nonrefundable deposit. The house ARV 68k. currently owe 68 on 1st. Need 10k repair. The BPO is 41k. I offered 29k. The bank sd they will need full appraisal. I will have to pay the appraised value. it can be 30k or 45k. I think the appraisor will have the BPO as guildline. There are similar comps in the area goes for 38-40k, needs tlc. Should I take the risk puttig down deposit? Or is there anything else I can do. $41k is max I will pay
The word next comes to mind.
Just doesnt sound right, you should probably pass on it
The only times that I've made a nonrefundable, good faith payment is when I couldn't get the deal to close before the ss approval expired... and I needed more time. Then, if and only if I were confident that the deal would closeI would make a payment which usually coincided with the amount of a monthly mortgage loan payment (PITI), plus attorney's fee.
[addsig]
You won't be getting your money back if you pay & I bet they won't even TRY to postpone the sale, just take your money laughing all the way to the bank
I've heard of this happening to others.
Kelly