Do I Need A Full Proposal

I have been contacted by a homeowner who is scheduled for auction in 3 weeks (imagine that).

The FMV of the home is about 165,000.00 and the mortgage is about 131,000.00.
I only need to short this one about 15,000.00 to make it work.

Do I need a detailed proposal or would it be better to try to negotiate it out with just an offer.

Cash purchase close immediatly.

Comments(3)

  • Oxbody7th July, 2005

    Good question.

    It is my understanding that it is still quite expensive to proceed,even from this point, with the foreclosure.
    If they have to pay a realtor to market the property,plus holding costs plus any repairs it COULD be more appealing to just dump it.

  • Oxbody8th July, 2005

    What would be the estimated cost for the bank to continue with the sale from the 3 week out point?
    Would the cost of continuing with the sale be enough that they might decide to take a 5 or 6% loss?

  • TheShortSalePro8th July, 2005

    Depending upon your state, HOA fees may be a superior lien....but check on the limits. In some states, the superiority extends to 6 months dues, plus legal fees.

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