Short Sale Question
I have a potential short sale and I need some advice. I know how a property being listed on the MLS will affect a short sale? The current asking price is 190K, the homeowner owes about 130K. If I offer 95K I am thinking that when the BPO comes out they are going to note that the property was listed at 190K, even though it has been on the market for over 75 days with no offers. Can an experienced short sale investor please give me your advice and expertise.
Thanks.
I have not seen the home yet, I will be going out to look at it on Thursday. The current market here is dead, nothing is moving. As I stated before, the owner owes about 130K, it is listed for 190K, now I know that is not a sure thing, but it gives me a starting point. I am thinking the property FMV is around 160K., but without seeing it, this is a guess.
Going by tax records, the county has it assessed at 98,315.00 if you add 15% to that the FMV should be around 115K. I have been told by apprasiers that this is good rule of thumb to go by. So if the owner owes 130K and the FMV is 115K then yes it would be a good canadate.
INHO, due digence and prequalification preceeds having "a short sale candidate"
If the property is worth $115,000, the listing broker has done a disservice to the homeowner.