Need Some Help Please
I am getting ready to submit a (my first) short sale offer on a SFR. I am wondering how much information I should provide with the offer letter.
I plan to submit the letter and proof of funds (requested by bank). Should I provide reasoning behind my offer (such as house requires $X.XX in work to prepare for sale), etc. Anything else I am missing?
Please offer some advice for creating successful offer letters.
Second question...when the property is already listed on the MLS as REO, am I wasting my time trying to offer a low bid (not sure if it would be called a short sale at this point, since the property is already foreclosed on)?
Thanks:
John
If it's an REO it wouldn't be a short sale any longer. You wouldn't necessarily be wasting your time with a low bid, bid what you think it's worth, not what you think it takes to get it. that only applies if you think they want more than you think it's worth of course. I've seen banks refuse to drop even $1000 from their price, didn't blame them, it was a great deal. I've also seen them take over 30% less, didn't blame them, it was a fair enough offer.
A SS is when you are negotiating with the bank for a reduced payoff prior to foreclosure. This requires the assistence and approval of the owners.
Brenda