Short Sale issue
I am doing a short sale with HSBC, got an offer of 302, had reduced to 320K, then a back-up for 300 didn't send. Last night I got another offer for 318. Called my negotiator, he told me the bank was not going to accept either offer.
The BPO came in at 420, which is where I started and had to keep reducing. The house needs some LP Siding replaced and the white kitchen cabinets are peeling. So it needs a new ktichen and siding replaced.
The negotiator told me they bought it back at the sheriffs sale for 50K over my 318 offer. they would not take less than they bought it back for. The original mtg is 525 with an appraisal of 625 in 06.
I contacted all 3 buyers today and ask them to up there offers to 368. Haven't heard from any of them.
I am thinking of pulling the listing, re-listing for 368.
What would you do? I don't want to give up. HSBC has been difficult to work with but my negotiator is very nice. WE have a 6 month redemption period in Mi and that is over on Feb 12th.
The BPO came in at 420, which is where I started and had to keep reducing. The house needs some LP Siding replaced and the white kitchen cabinets are peeling. So it needs a new ktichen and siding replaced.
The negotiator told me they bought it back at the sheriffs sale for 50K over my 318 offer. they would not take less than they bought it back for. The original mtg is 525 with an appraisal of 625 in 06.
I contacted all 3 buyers today and ask them to up there offers to 368. Haven't heard from any of them.
I am thinking of pulling the listing, re-listing for 368.
What would you do? I don't want to give up. HSBC has been difficult to work with but my negotiator is very nice. WE have a 6 month redemption period in Mi and that is over on Feb 12th.
Replies to This Discussion
-
Permalink Reply by Wendy Rulnick on
-
Missy - WIld with state laws, if bought back at sheriff sale in Florida, it would be REO! Can you get a quote on replacing the LP siding and send that in?
-
-
Permalink Reply by Missy Caulk on
-
Yes I can. And the kitchen, it really needs replacing as it was a defect in how the white was attached. thanks
Wendy Rulnick said:Missy - WIld with state laws, if bought back at sheriff sale in Florida, it would be REO! Can you get a quote on replacing the LP siding and send that in? -
-
Permalink Reply by DanaVoelzke on
-
I did this with a Chase one. A month later we got another offer and they redid a new BPO which came out with a better number. It wasn't too bad.
-
-
Permalink Reply by Cathy McAlister on
-
Hi Missy,
Along the same line as Wendy, you might try getting two bids each for the kitchen & siding. If HSBC takes it back they are going to have the same issue -what is a buyer willing to pay? We just had a short with BofA where the A/C failed 3 days before close - Yikes. We got two bids and BofA of allowed the expenditure. It just might work - giving them more than they ask for. Also, it becomes exactly what they need should they become the owner. From the sound of it maybe they will rethink the offering prices you are receiving, cut their losses and move on. -
-
Permalink Reply by Mori Langshaw Sr on
-
Confused again here? Is this a short sale or REO sale?
-
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons