I'm short saling a condo that is not part of an association and doesn't have fees. I've been told by most buyers that they cannot get financing because the other unit is not owner occupied, so a cash offer has to be put in.
My buyers put in a cash offer of $248,000, but the net was around $220,000. Lender came back today and said they want to net $261,000. The buyer will go up to $273,000 for an offer but that only nets the lender $253,000. So is it worth explaining to the lender that ONLY cash offers will work here? What can I do?
What strategies have you used to work down the net amount a little?
It's serviced by AHMSI.
Tags:
Lender AHMSI with Option One. Homeowner owes $350,000 but with fees and back payments it's up to $400,000. Two unit building. I have no idea if the other loan is fha or not. - Homeowner is about 10 months delinquentWho is the lender?
How much do you owe? 1st and 2nd Td's?
How many units in building?
How many are FHA loans?
Do you own any other units in the building?
Are you delinquent?
:)
Smitty,
what you need is a matched pair analysis, sounds complicated, but is really simple. As it is an explanation that would be helpful to those interested in bpo's, I will put my full explanation in the bpo forum on this site.
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