forclosure/short sale - Posted by cheryl

Posted by Rich-CA on December 22, 2008 at 18:01:05:

Nothing. If there is enough equity in the house to pay off the loan, the lender will require it all be paid off and deny a short sale. Telling a lie to a lender in this case would be a crime.

forclosure/short sale - Posted by cheryl

Posted by cheryl on December 19, 2008 at 15:27:55:

My question is how much more can i ask for of the price being sold to a broker. Say i am selling it for 140,000, how much can i ask for. Also i owe the mortgage company 119,000. It is appraissed at 190,00. What can i offer to thebroker.

Borrower get Zero for Short Sale - Posted by DJ-nyc

Posted by DJ-nyc on December 26, 2008 at 14:17:59:

Borrower get Zero doing a short sale.
In reality, you are selling to satisfy the 119k (or more with late fees and crap)and you walk away with your scarred up credit report and a FRESH START. How much is Peace of Mind? Sounds like you are doing an “under the table” deal with the Broker. If so, dont ask these questions on the Internet.


Question too unclear - Posted by Rich-CA

Posted by Rich-CA on December 22, 2008 at 13:21:40:

If you can describe what the situation is, maybe something useful can be offered. Here’s what I think you are saying:

  • You own a house
  • You are asking $140,000 for the house
  • The house is appraised at $190,000 (how long ago was this appraisal?)
  • You owe $119,000
  • You have a Broker working on a short sale
  • You want more money than the $140,000 from the sale

Something you need to know about short sales. The lender does not grant a short sale if the owner gets any cash. It is very likely the appraisal, if its more than a month or so old is higher than the to current market value, so the $190,000 is nor realistic.

If a broker or investor is buying the house, then you need to expect the discount required will be fairly large or they will just walk. None of us are in the business of doing anything other than making a living for ourselves and our families. If your market is stable, expect to have to discount at least 70%. So if the appraisal really is current at $190,000, then the highest price you can expect is $133,000 and expect the buyer to require you pay their closing costs. If you insist on more then expect the broker or investor to walk. Smaller discounts are not worth the time and effort (and cash) required.

Re: Question too unclear - Posted by groves

Posted by groves on December 22, 2008 at 17:19:23:

I guess what I was asking is how much, us the owner’s, can ask,{cash for our pockets], to relocate, expenses to find new home.