Hi, I'm new to this forum and to the short sale scene so pardon me if my questions are dumb.
We found a house we really like here in Florida (Gulf Coast) and are trying to get the best deal for it, We have a set budget of $175k-180k.
Bank (Chase/Morgan) already approved twice a $190k offer but both times the deal fell through on the buyer's side.
I read on some places online that banks will accept offers ~80-85% off BPO so based on that, I submitted an offer for $175k
Here are some numbers/ Info I gathered (hope I got them right)
Asking price: $199k
BPO: ~$210k
My offer: $175k
Amount owed: 1st Lien ~$240k, 2nd lien: ~$30k (same bank for both liens)
2nd lien holder only gets $5000 out of the sale
Type of loan: unknown yet (guessing conventional? Seller bought the lot, I'm guessing that's what the 2nd lien if for and had the house built)
The real estate agent is sending our offer out to the bank (seller just signed) along with some "low ball" offers (not signed by seller) hoping to get a bank approval.
So how does these numbers look to you? Any chances on having this offer approved by Chase/Morgan?
Thanks!
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Gab, PM me her info, I can look her up in MLS and we can find the truth, privately. I would bet my next commission check that she has not closed more than 10 on the sellers side, if any.
OK, I just spit coffee all over my screen when I re read hundreds of short sales, Gab check your PM box
Just an update, we are still waiting to hear back from the bank. I did found out that the sellers are using a lawyer/negotiator. The listing agent just told me that we might be getting some updates this week.
Had to send an updated pre-approval letter two weeks ago (dont know if its a good sign?) and I was able to find out how much the new bank ordered BPO came out to be: $198k.
Crossing my fingers!
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