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Offer on a short sale

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Money Talk > Real Estate

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littleroc02us
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Offer on a short sale  Reply with quote  

Hey everyone,

I've been quite busy lately looking for an investment property after having worked all summer as a handyman and saving up capitol to put as a down payment on the home. The house is a short sale, it's been on the market for 40 days with no offers. Unfortunately it's note is held by Wells Fargo, but I'm confident that I can get this property. In 2007 it sold for 187k, but was put on the market for 150k and dropped down to 139k. The home does need some tlc, but I plan on doing that myself and rent it out if I do end up getting the property. Based on the comps it looks like the asking price should be around 115k to 118k, but I plan on going in @ 105k with them paying closing costs and put 15% to 20% down (My credit union is willing to do either deal up to 120k) and then have them pay closing costs. My plan is that I will have to counter back at 110. Does that sound like a good offer to start with? My other idea is to offer 100k and pay closing costs.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Tue Nov 19, 2013 9:02 pm
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coaster
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Isn't Wells Fargo the bank you had problems with paying off your own mortgage? Mad

~Tim~
Post Thu Nov 21, 2013 4:43 pm
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littleroc02us
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That was CitiMortgage. Potato, patato, their all the same.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Fri Nov 22, 2013 3:19 pm
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ccbuilders01
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Great collection of information, thanks for sharing.
Post Fri Dec 06, 2013 11:12 am
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Wino
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I have never done a short sale purchase, but from what I've heard, the banks are slow, inept, and generally take so much time that you end up losing your loan guarantee, and have to apply several times. Apparently, the only easy way to do a short sale is to have cash-in-hand and be willing to wait for their schedule.

Good luck with your plan. Let us know how it works out for you. Maybe what I've heard is merely apocryphal nonsense.
Post Fri Dec 06, 2013 12:59 pm
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littleroc02us
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So, I put in an offer about 3 weeks ago of 105k and paying 3% closing costs, with $1500 earnest money. The sellers signed the contract right away, which doesn't really matter much, it's the bank that has to ok it. I had my inspection a couple of weeks ago, which he stated the property is solid and needs some minor rehab. I did put a timeline in the offer that states that if I don't hear anything from the bank by January 31st then I can back out and start making offers on other homes. So for now, I just sit and wait.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Fri Dec 06, 2013 2:46 pm
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Natalia Smith
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Really admirable post. Information shared is truly informative and useful. I think its beneficial for every individual.
Post Mon Dec 09, 2013 10:22 am
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