Why Offer More Than 66% Of Home Value On Short Sale?
In my area Homes in foreclosure homes sell for 2/3rd or 66% of value. For example
$100,000 home they would sell on court house steps for $66,000. Why would I offer the bank more that this if I help them by taking the home off there hands.
Thanks for your help
Russ
Maybe because the bank could get more.
The last few sales I went to in South Florida all of the properties went for way more than was owed to the bank.
In one sale only 1 property went to the bank and that was because it was not a first mortgage.
Not to mention the bank pays the court fees, attorney fees, has to take care of all liens to clear the title, and will pay realtor fees. Why they still use realtors and dont deal directly with investors is still beyond me. If the bank takes the house at the courthouse steps, they are going to try to recoup these fees if they can. So they will put it on the MLS and ask everyone to give their highest and best offer.
To get a better deal, you need to try and get people in pre-foreclosure and do a short sale. Then, you cut out all the fees listed above.