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Green Tree Fannie Mae 1st Ocwen GMAC 2d

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Need contact # for Guaranty Bank please.

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Bank of America servicing USDA

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Short sale finally closed now what......

Started by Cassandra Lynn Crull. Last reply by Brian Avery Feb 27, 2014. 1 Reply

Indymac/One West Bank- Urgent

Started by KIM KISER Jan 17, 2014. 0 Replies

Everhome Offer 109K above offer on short sale!

Started by Mark Gottlieb. Last reply by Mark Gottlieb Jan 12, 2014. 4 Replies

Mortgage Debt Forgiveness expiring, what to do?

Started by Carl Landella. Last reply by Richard "RJ" Kas Nov 11, 2013. 3 Replies

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Comment by Karen Mathers on August 10, 2009 at 1:42pm
I am still in a fog but that is nothing new . . . Bud's first comment said his home comps at $205,000 but he had an offer of $185,000. I would think that would be an acceptable price for a short sale? Maybe we are talking apples and oranges. When Bud said his home comps at $205,000 . . . I would think that is fair market value? That would be what that home would sell for in a normal transaction (not a short sale). If I had the buyer, I would expect to pay less that that for a home being sold as a short sale. Now I am confused when you say NET to FMV? I am not sure what you mean by that . . . most of my short sale transactions have been on the buyer side so that my explain my confusion.
Comment by Stephanie Lim on August 10, 2009 at 11:29am
Karen--the numbers I've heard thrown out have always reflected the NET to FMV. Maybe that is where the confusion is coming in?
Comment by Wendy Rulnick on August 10, 2009 at 11:21am
Karen - There is really no standard percentage "off" for short sales. It depends on the market. Generally, fair market value or pretty close to it. Short sales ARE usually priced less than non-short sales, because they have to be discounted due to: length of time to close,uncertainty of approval...
Comment by Karen Mathers on August 10, 2009 at 11:13am
I am confused. It is my understanding that a buyer should get a good deal on a short sale. Otherwise, why would they put in an offer and wait for weeks and sometimes months for an answer? If the home comps at $205,000 then $185,000 seems like a good price? I have always been told a short sale price would be about 85% of market value? Am I missing something?
Comment by Wendy Rulnick on August 6, 2009 at 10:25am
Bud, good luck!
Comment by Stephanie Lim on August 6, 2009 at 7:19am
I agree. You have to be able to justify your contract price. We have good luck in explaining the process to the buyer's agent and how if the price can't be justified by comps it will just be rejected anyway so we will have all wasted our time. We have found it almost impossible to get the buyer to come up after the bank comes back with a higher counter. ( The exception for us is if we need to get a foreclosure sale cancelled and the bank won't do it without a sales contract and we absolutely can not negotiate the buyer up.)
Comment by Wendy Rulnick on August 6, 2009 at 7:04am
I would negotiate it now. Why waste time offer maybe for low based on what you said.

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