Short Sale Bid Advice / Experience
OK- I just made a bid on a short sale and it got turned down... I think @ 158K was owed on 2 different mortgages. There were spankin' new homes selling in the neighborhood for @ $112K. The 112K homes were slightly smaller, but were friggin' new!
Knowing this, I bid 107K - which would not only short the first, but the second as well.
To be honest, I am glad that the bid did not get accepted because the neighborhood is TOTALLY inconsistent in valuation of property.
To make a long story even longer - what has been the experience of y'all? Has anyone actually gotten a 2 loan situation to to have each of the lenders take a short, or would it only be the 2nd that would take the short?
What % is the absolute lowest you have seen lenders go on property?
ford, i heard that 82% discount is what they'd take, but i don't know about that.
i had 2 go for way cheaper but it was because they were in a part of town that no one wanted to deal with. not war zone at all, but just not a "growing" neighborhood. for those i got them at about 34% of the original asking prices. i couldn't believe it but now i see why, they may end up being rentals if they don't sell on market fully updated. either way, it was a no-lose situation. it wasn't much money to tie up and hold onto the properties.
another one i'm trying to seal now, seems pretty intent on not going below 70% but that's still a nice deal for me because the proper is worth a bit more.
just my experiences ...