Short Sale
we have a mortgage on some land with an old house (needs alot of work) the mortgage is in foreclosure. The balance is $42000.00 we have been offered $25000.00. Do you think the bank will accept this? This land is also very much land locked the offer that we have is from the person that owns all the other land around it.
How much is the property worth?
60,000.00
Tyler,
The offer is within the range most lenders will accept as long as it is a conventional mortgage. You must understand that there is also some negotiating that will happen. If they offered 25K, they will probably settle for somewhere in the low thirties. Personally, I would have offered less. If it falls through, let me know.
It sounds like this has played very heavily on your mind. Don't worry. the banks are not in the real estate business. They are in the money business. They will work to do what is right.