We have 9 lot's of undeveloped land that we are trying to get PNC to take back w/o success. We have had many offers sent in to them ranging from $40,000.00 per lot to the latest of $60,000.00 per lot plus we just added a $100,000.00 contribution to it and they still said no. The original loan balance is $1,640,000.00. The lots on a retail value are worth 70,000.00 and two possible worth 100,000.00 each at best. I paid $235,000.00 each at the time of purchase back in 2006.
Any suggestions how I can get this deal done w/ them would be greatly appreciated.
Thanks,
Ken
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I have worked with PNC on bulk sales in Santa Rosa Beach Florida. You ought to try to present this as a "bulk" purchase instead of individual offers, if you haven't already. In that case, if the investor is the same for all the lots, you might have a better chance.
I have never done a land short sale and can imagine that it is extremely difficult. Are they giving you a reason it can't be accepted? One thing I noticed is you wrote RETAIL value is $70,000 and that offers were $40-$60,000 range. My GUESS and that's all that it is is maybe they think if the value is $70,000 that's what they want. If you're not getting offers in that range though I may assume they really aren't worth $70,000, but likely are worth $40,000.
Sorry that's not much help.