Short Sale Questions - Posted by Sam

Real Estate Investing
1

Posted by Cashbuyer on March 31, 2004 at 13:19:07:

Banks will accept “as is” value in short sales.
So if banks have homes in pretty good condition, you might appeal to them to lower the price by drawing attention to the fact that you will help them take homes off their books.

Offer what the balance of loan was.

Cashbuyer

2

Short Sale Questions - Posted by Sam

Posted by Sam on March 31, 2004 at 12:48:21:

  1. If the property is in fairly in good condition, how to persuade the lender to do a short sale? Please let me have some ideas.

  2. How much should I ask the lender to reduce (percentage) the price initially?

Thanks

3

Re: Short Sale Questions - Posted by MicheleCO.

Posted by MicheleCO. on March 31, 2004 at 22:38:42:

You could include some information about average days on market. Also, do an employment study and include the information if the average wage is low and there have been recent layoffs. I always include what the lender is losing on lost revenue from interest not being collected during the holding period to fix and market the house as well.