Yes, that is another reason why I don’t want to offer too much. It is my understanding that a double closing can be done, even if the offer is not assignable. I guess my closing costs will be about doubled.
I offered $35 for them to net, $33,699. So, he went down from net $49, 430 to net $43,000. I was going to fax a letter and comps to justify my offer, but he said it didn’t need to be faxed, to do it over the phone. I couldn’t get the fax # to work and when I called to tell him that, that was what he told me.
House I believe is worth $65,000 to $75,000. Needs $20,000 (at most) work. The loan balance is $52,000. My first offer was $24,900. They got a Realtor to do an interior inspection after I sent pictures. The bank still wants to net $49,430.
The house is 2 BR, 1 ba, 831 sq ft. Brick. A house 1,100 square feet, just around the corner has been for rent with no takers since May at $600 a month. Another house, $1,200 is for rent for $575.
I wanted to flip this house to someone to rehab to retail or rent out.
I guess I have nothing to lose by counter-offering at $34,900. I really don’t want to go higher than that because I am paranoid about it not “flipping” quickly.
Re: Help! First Short Sale! - Posted by Randy (SD)
Posted by Randy (SD) on November 20, 2003 at 14:51:06:
Some observations about your short sale don’t be surprised in that the Bank responded with a counter offer a $49,000. It is common in practice for them to reject the first one or two maybe even three offers. Be persistent and resubmit your offer at $25,500.
One concern is your exit strategy to flip this property if your short sale offer is accepted. Understand that in most cases when banks except a short sale offer it is an exclusive and non assignable offer, meaning that you must be in a position to go ahead and close on the purchase.
Yes, that is another reason why I don’t want to offer too much. It is my understanding that a double closing can be done, even if the offer is not assignable. I guess my closing costs will be about doubled.
I offered $35 for them to net, $33,699. So, he went down from net $49, 430 to net $43,000. I was going to fax a letter and comps to justify my offer, but he said it didn’t need to be faxed, to do it over the phone. I couldn’t get the fax # to work and when I called to tell him that, that was what he told me.