Poss. Short Sale
I have a home for sale , which I am working with the lender to short sale. They have sent me a list of things needed. Is the fact that I'm the owner a deterrent with the lender? Should I involve an agent?
I do a lot of short sales. Every short sale requires all kind of personal information about the owner. The lender is making a decision on the shot sale, based on the facts that are provided by ??? about the owners reason for not being able to continue to pay the lender.
I would not involve a real estate agent. Most of them are clueless about short sales. (no offense to the agents out there) Read the short sale areas of this site. You can do it yourself. Its all about you anyway. You may have to have someone buy the house from the lender and sell it back to you later. Thats up to your lender....I would be very surprised if the lender would let you cash it out your self. The last thing the lender would like to see is you make a profit from the transaction.
Best of luck
thanks for the response. do you about what the average they are usually willing to short? this house is at 164000, but needs repairs. I got an offer of 140000.
Hi Betty
It all depends on your lender.....they are all different. As long as your paperwork to the lender (on your short sale package) shows you have no way to continue making the payments and you have no other assets to draw from.
Then........
Take the real value of the property based on comps in your area and subtract the repair costs. Based on that number you can base your offer at about 80%. This is not a hard fast formula.....it's up to the lender to set the rules. 80% for VA/FHA loans and less on other types of loans.
Look at it this way, if the lender says NO you can always up your offer.
Please read other ideas on this site. There are a lot of very sharp people around here and they may have some other ideas for you.