Question About SS Proposal. Trying To Show Lender It Is More Beneficial To Ake My Offer

Short Sale Information Sheet
Current AS IS Fair Market Value $100,000.00
See Enclosed Comps & Grid Sheet

Real Estate Commission $6,000.00
Lost Interest daily $16.44
Attorneys Fees $4,000.00
Estimated Monthly Taxes $83.33
Estimated Monthly HOI $60.00

# of months to sell property 3
Lost Interest $1,479.45
Property Tax Costs $250.00
HOI Costs $180.00
Net to Seller $88,090.55

Any costs I am missing or things I could use to try to legitamately reduce the bank's expected net?

Thanks in Advance for the Help.

This will be my first submission.

To clarify, this is not my HUD 1 net sheet this is the proposal to show the lender what it will cost them to foreclose. The FMV listed has already taken into account the repairs and current condition of property.

Anything else I should add to this to show them more costs?

Thanks

Comments(8)

  • jbh500023rd November, 2004

    Anyone have any suggestions?

  • Tchakamon23rd November, 2004

    Looks good to me. Attorney Fees could be $5000 if you really want to squeeze a few more dollars out.

  • Tchakamon23rd November, 2004

    Looks good to me. Attorney Fees could be $5000 if you really want to squeeze a few more dollars out.

  • cec424217th November, 2004

    Chase

    I work on several short sales a month, and have worked with dozens of Loss Mitigation departments around the country. HSBC is by far the most unprofessional, unorganized, and disagreeable group of individuals i have ever encountered. Here is my advice......forget it. Only after playing phone games for 3 full weeks was i able to finally get a call returned.

  • Ruman17th November, 2004

    I'm glad to hear I'm not the only one. I have just recently dealt with a personal held second mtg for $20,400 that we got her to agree to $6,000 to take. She wasn't even as unprofessional or "pissed off" for lack of a better word as the guy I talked to at HSBC! I will forget it and wait until about a month before auction is scheduled and call to see if they're more negotiable, or at least to say... I told you so. Hah.

    And I apologize, Homecomings Financial is NOT HSBC. It was Household Finance that is now HSBC. The deal I have going with Homecomings Financial is going VERY smooth so far.


    Quote:
    On 2004-11-17 13:30, cec4242 wrote:
    Chase

    I work on several short sales a month, and have worked with dozens of Loss Mitigation departments around the country. HSBC is by far the most unprofessional, unorganized, and disagreeable group of individuals i have ever encountered. Here is my advice......forget it. Only after playing phone games for 3 full weeks was i able to finally get a call returned.
    LOL LOL LOL LOL

  • Tchakamon23rd November, 2004

    Hongkong Shanghai Bank Corp = London based
    Homecomings = US based (Dallas?)

    Not the same!

  • cec424223rd November, 2004

    Actually they are the same.

    http://www.hsbc.com/hsbc/news_room/news/news-archive-2003?cp=/public/groupsite/news_room/2003_archive/en/hsbc_completes_the_acquisition_of_household.jhtml

    The loss mitigation department is based in Brandon, Florida

  • Ruman23rd November, 2004

    Tchakamon, I actually mispelled as I mentioned in the last message. Instead of Homecomings I meant Household Finance. I am working on a deal with both of them and got confused. Household Finance = HSBC.


    Quote:
    On 2004-11-23 19:52, Tchakamon wrote:
    Hongkong Shanghai Bank Corp = London based
    Homecomings = US based (Dallas?)

    Not the same!

Add Comment

Login To Comment