Short Sale Info.

anyone know that if a bank had done an appraisal at 110.000 and would short sale the property what is a normal percent reduction they might accept since no agent or other entity would be involved thanks rayshir

Comments(2)

  • classimg13th November, 2003

    Each bank is different, and the foreclosure costs are high to the lender. Good luck.

    Eric & Rosa
    [addsig]

  • 13th November, 2003

    Hi,

    If it is an FHA mortgage you're trying to short, the bank has to follow FHA guidelines which require that any short sale net a minimum of 82% of the "appraised value" to FHA.

    The bank I'm dealing with re my short sale, also added an additional 1% to cover some of their expenses, bring the "minimum short sale" amount to 83% of the appraised value.

    Hope this helps!

    Savvy Investing,

    dmarketing

    [ Edited by dmarketing on Date 11/13/2003 ]

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