Short Sales
I am working with a lady who is 5 months past due, the bank has not notified her that they have started proceedings. Due to poor health she is not going to try to "save the property". The orig. loan was $88,500 and she has about $4,800 in pymts, late charges, etc... Is it acceptable and reasonable to offer the bank $10 - $15k less then the original loan? The homes in the subdivision sell retail for $85-$100k. This house needs some renovations (ie. flooring, paint, cabinet repair). Does anyone have a standard formula used when making an offer to the bank at preforclosure?
Hi amymay,
Your question has far too many variables to answer in one thought. One of the best things for you to do is to read the past post on both pre-foreclosures and short sales. Or you may consider ordering some information material from the shop tab on this site.
We could walk you through the process on this site, but it would take some time and a lot of pages. Most of the information has already been covered in previous post. Once you read through them, it would be a pleasure to answer any detailed questions for you!
Best of Success!
BAMZ