Posted by Richard Rynkowski on July 28, 2001 at 24:28:33:
Very insiteful…but attitude wasn’t what I was looking for. More specifically I wanted to know about how low can you go before they say NO. If I offer what I feel is fair to me, $1.00 down and $1.00 a month I don’t think it will fly. More insitfull would be an answere about what the trend is for lenders accepting low offers and at what discount etc. I think that If I wanted to sell a land contract I could expect a 50-65% discount. What kind of percentages can one expect to offer lenders on foreclosures and seconds and have them go for it. Isn’t there some guidelines out there? Yes, I understand you need to know the balances of the existings. This case is 56,800 balance on the first with 26,900+ in rearages and fees and escrows to bring it current. The second is 18,900 with total arearage of 3,383.
I’m thinking of offering a simple assumtion on the 1st of 58,816 Plus cash of 1,122.58 bringing the escrows current. The second, 18,900 I was flat turned down on 12,000 on my first offer. But here, time is money for them and as you say they will end up with nothing so I thing since time is awasting for them I’m going to make a second offer in writting at 10,000 or less. Do you think 10K is to high? Maybe I to shy, but your suggestion of 4K seems awfully low. Do you really believe its a reasonable offer? Well, I guess the worst is they would say No… How about the first??