Short Sale Offer And Counter
House comps (by Me) at 177k I made an offer of 83% mortgage company ordered an appraisal and it came in at 195K. The bank is owed 186k and the sale is next tuesday. Will they counter offer? What is a reasonable SS price for this property based on the above info?
Thanks
The first step would be to determine if a short sale has merit. What would be your compelling argument to persuade OCWEN to accept less than it is due?
Will OCWEN be made whole at foreclosure sale? If the answer is "no" you might have cause to make a short sale proposal. However, if the answer is "probably" the lender would have no reason to accept a penny less than its due.
At the auction, the money is applied to the first lien holder, then the second lien holder,etc. If there is enough money, even the title holder will get some. I konw some investors that have made money at the auction because they held the title. So ... your premise that all junior lien holders get wiped at the auction is off base.
If FMV is 225, and the payoff of the first and second combined is 190, and the house is in good condition with good comps - good luck getting a short.
What the SSPro was saying is that you have to evaluate the situation. Just because you want to make money and you want to do a short sale, does not mean that the property is a short sell candidate.
Naturally the appraisal that interests you is the mortgage company appraisal. Forget the other one!