Short Sale Any Advice? SSPRO?
This is my first short sale offer presented.
Home is 3 years old and needs basically no repairs.
Balance $260,000
I have 3 comps (2 on same street in last 12 months).
None have sold for over $207,000
Current value is $200,000 - $210,000
After showing foreclosure costs, real estate comission, time value of money, I offered $165,000 .
I received a denial letter stating:
Your offer consideration proves to be too low.
Offer needs to net SMSI $260K to gain consideration.
I replied asking if an interior BPO had been done.
I am awaiting a response.
The lender is Saxon Mortgage Services Inc.
Should I try to send this to the VP of Loss Mit?
or Move on to the next one?
Any advice?
How far along is this in the fc process? Does the lender yet have a sense of urgency?
I always put a time limit/ expiration on my Proposals. Keep revisting this case... as Saxton gets more information and articulates potential loss... they may become more receptive.
The best PFSS candidates are properties in need of repairs.
Borrower is 5 months behind, and FC has been filed for 3 weeks.
I will contine to try to open their eyes to the actual property value.
did you meet the PBO at the property and try and influance his decision on price ? because its the only way this family can move on if your offer is accepted?
or maybe up your price to 170,000 or 175,000?
I know you said there was no damage, but I find this hard to believe. Most need paint and carpet at least. Document any and I mean any needed repairs w/ photos, regardless of wether you will fix it or not. Would it take 10k or 20k to bring home to average condition for the area? Provide additional documentation as well including market trends and area stats.