Comments on: How To Determine a Short Sale Purchase Offer

By: Jeanna29

Jeanna29 — Mon, 23 Jan 2012 04:24:00 +0000

Does a real estate agent get paid more on short sales than on a Fannie Mae house? I’m trying to figure out why my agent keeps pointing me to a short sale that’s a lot less, but needs TONS of work in an amazing area. Rather than a Fannie Mae house that’s $70k more in the same area, but 20years newer with less work???

By: Jeanna29

Jeanna29 — Mon, 23 Jan 2012 04:14:00 +0000

Foreclosure may be a better deal for you. You may be able to get a better price.

By: Thomas Nguyen

Thomas Nguyen — Fri, 26 Aug 2011 01:15:00 +0000

can the net proceeds be higher than the BPO or appraised value? I submitted a short sale to the lender in which the offer price is $155,000. The appraised value is $155,000. The lender want a net proceeds of $174,000 while the current outstanding balance on the mortgage is $250,000.

By: HomeTivi

HomeTivi — Thu, 09 Jun 2011 17:10:00 +0000

submitted a shortsale offer last Friday and found out on Monday that
the property has moved into foreclosure with auction date set in 3
weeks. How does that effect my offer? Would it even be considered?

By: jp moses

jp moses — Fri, 27 May 2011 21:30:00 +0000

In my opinion (and experience) the second lienholder is not in much of a negotiating position. They stand to gain NOTHING if the short sale doesn’t go through. And I’ve not known first mortgage holders who are taking a huge hit with a short sale to be very understanding to the second lienholders and offer them large chunks like that. I’d say they need a reality check…which might mean you tell them something like, “Ah, the deal doesn’t make sense to me that way…I guess I’ll have to pass…which means it’ll be foreclosed on by the first…which means you’ll get nothing instead…ah well…let me know if you change your mind.”

Always be willing to walk away.

…jp

By: Kelin

Kelin — Fri, 27 May 2011 20:52:00 +0000

We are about to place an offer on a short sale, and we have one “red flag”. The junior lien holder is requiring that they get $30,000.00. They want $10,000.00 from the senior lien holder, $10,000.00 from the seller, and $10,000.00 from the buyer. As the buyer, is there anyway for us to negotiate out of this situation? It will not go towards our equity, so basically we are paying off someone’s debt.

By: Eversince

Eversince — Wed, 04 May 2011 04:47:00 +0000

I submitted a shortsale offer last Friday and found out on Monday that the property has moved into foreclosure with auction date set in 3 weeks. How does that effect my offer? Would it even be considered?

By: Lisa

Lisa — Thu, 10 Mar 2011 20:36:00 +0000

as a buyer putting in an offer on a short sale, I want to know if I have to use a realtor? Can a short sale offer all take place between the buyer/seller & lender? If so, is there a specific form that I use to make the offer to the lender? I’ve seen info about a HUD-1 settlement statement as well as submitting a form PAA to be included as an Addendum to the RESIDENTIAL PURCHASE AGREEMENT.

By: Ladieola

Ladieola — Sun, 03 Oct 2010 19:21:00 +0000

Thank you much, jp.
Haven’t heard anything yet…but not going to sweat it. It is what it is.

By: Ladieola

Ladieola — Sun, 03 Oct 2010 19:21:00 +0000

Thank you much, jp.
Haven’t heard anything yet…but not going to sweat it. It is what it is.