Short Sale Contract Price...
My questions have to do with the contract price in a short sale scenario. Here’s the scenario: I meet with a motivated seller who wants out. There is no equity so I’m thinking ‘short sale’.
I have seen the house only during a casual walk through. At this point I have no idea of the repairs needed, etc. nor any of the other issues that could be involved. But I don’t want to leave a motivated seller without getting the house under contract (strike while the iron is hot).
How am I to set the contract price? If I understand correctly the contract price should be what I hope the lender will accept, which is less than the principal balance
Is it necessary to get the contract price, or would it be sufficient to have the contract price be $1.00, contingent upon an acceptable short sale with the lender?
In summary the questions are; when do you set the contract price and how? Is it that important since the final price will be negotiated with the lender?
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