First Short Sale Troubles.
We are working on our first SS.
Loan balance is about 240 (homecomings 1st and 2nd)
ARV 275+ ( house across the street is going for 300 and is only 200 sq ft bigger.)
Repairs quoted are 39,000
Repairs not quoted are 17,000
Realtor, closing, carrying about 29,000
First BPO was way off. had to get a second.
Second said AS IS is 230 - they say it only needs about 30k repairs. way off on the quotes we got. One quote we got was for the tile work. Tearing up and replacing about 1200 sq ft of floor and bath tile. Our quote was 10k, bank says they figure 3-5. That just seems way to far off.
First offer was 156. Turned down
Second offer 184. Turned down
They are holding at 230. Is there any thing else we can do to get them to come down on this? there are only dropping 10k on the loan balance.
Thanks
I agree with rehab2day, this deal is way too tight. I would move on if all your numbers are correct.
Read item #4 from rehab2day.
If you still want to make this deal, Read item # 4 from rehab2day...
just my .02