Short Sale? - Posted by Jeff (Al)

Real Estate Investing
1

Posted by Jeff (Al) on April 09, 2001 at 09:16:07:

Thanks Phil. I wanted to make an offer on this but wasn’t sure how low to start on a short sale. I’ll give a shot and see what happens. Thanks again.

2

Short Sale? - Posted by Jeff (Al)

Posted by Jeff (Al) on April 07, 2001 at 19:24:14:

Got a pre-foreclosure where the bank told the owner that if he could sell within the next 2 weeks, they would take a short sale. The bank has not given the owner the foreclosure notice yet. FMV value of the house is $140K. It’s in excellent condition. Owner owes $130K and is 4 months behind totally approx. $3500. The owner is an elderly gentleman who lost his wife to cancer and fell behind due to medical bills. He was going to walk away from the house until a friend of his convinced him to try and sell quickly. Any suggestions on a creative offer to get this with little or no money down?

Thanks

3

Re: Short Sale? - Posted by phil fernandez

Posted by phil fernandez on April 07, 2001 at 20:23:35:

The question here is what the bank would take for a short sale. I would start low. Very low and see what the bank’s reaction will be. If it’s worth the $140,000 that you say, I’d offer $95,000 and see what happens. You can always go up, tough to go down.