Final Stages Of Short Sale Need Help
I just talked to the loan mitigation lead and they stated that the AS IS appraisal came in at 50K. What is a appropriate offer for the property. 62K is owed on the morgage for the property.
I think an offer of 85-90% would be accepted.
We need more info. Is the $50k BPO accurate?
I think it is very accurate. One question that I do have in the back of my mind is the process that I went through. When I handed in the short sale package before the appraisal I submitted an offer of 43K. They stated that they needed this before the appraisal. Is this true or is it an negotiation tactic?
The loan mitigation officer also stated that the appraisal is very accurate that its not a BPO but more accurate its a AS IS appraisal.
usually the bank wants to see a hud 1 or net sheet basically saying what the bank is going to net = your offer. and they want to see a purchase agreement with seller which im sure you know. you can bring up comps on the prop. before submitting an offer and make the offer uncomfortably low, maybe 70% of the comps. then that gives YOU room to negotiate if they dont accept because its too low. also if you can try to be present during the B.P.O. or appraisal so you can state your case to the appraiser. come prepaired with low comps and anything else you can tell them that will bring the prop. value down. ive heard some nightmare stories about investors spraying soda on the ceiling and putting a tarp on the roof before the appraiser shows up. i dont advise you to do that.[ Edited by DonBatzini on Date 10/22/2004 ]