Fair Offer
Looking at a property that is going into forclosure. They owe $142 but comps and more realistic FMV is around $130 - $135K. The property is 10 years old only needs about $7k in Repairs carpet, paint and some other minor repairs. What would be a fair short sale offer? Was thinking around $103K, how far off am I?
Thanks
Ron
The bank is Washington Mutual.
"Has anyone had any luck trying a short sale after the sheriff / or Master commissioner sale? "
Actually, approaching either the former owner, owner in redemption, &/or former mortgagee immediately after the sale is common.
Cash is King. A strong, compelling Proposal is indicated.
What is the projected shortfall?
The projected short fall is about $8000. They told my client that the fha repairs are the buyers responsibility and that they can go reo and make money on this. My client is an investor and knows this is a joke. This is why after 13 years of dealing with banks, I just stopped dealing with these people.
you need an investor to do a short sale deal because someone has to buy the liabilty from you. And trust me you will be involved with the process. why do I say that because the paperwork is gruesome. It should be that hard to find a missippi investor. Just go to we sell houses. on google.
Ask for a copy of the most recent revision of the "Servicemembers Civil Relief Act" which deals with certain rights for active servicemembers and the collection of their debt.
VARO = Vet Admin Regional Office