Short Sale Negotiation - Advice Requested

Buyer buys with 5% down, then gets heloc for 10% a year later... buyer just wants to wipe his debt clean...

You walk in... m'okay... bank says we just wanna make par! .. you say okay!

In poker, if you don't know the "fool" then it's you.

I want my debt wiped too, please advise. Can I get a negative interest rate?

w67 - i wish i had the decoder ring for your messages - feel like i am missing out on so much. So some more detail. The particular line sold for 180 - 240 K at peak (i believe this unit sold for $189K to current owner). I bid $95K, bank came back at $108K. Feel like I am doing OK, but want to make out as well as I can. No way bank is making par at either price as far as I can tell.

Luke use the force. ....

If that fails, use a comparable listing and knock off 10% for short sale brain drain. At closing don't blink, let the last $1k come off the borker.

"I bid $95K, bank came back at $108K"

I say cut the baby in half: 108-95=13. So, tell the bank you'll split the dif & offer $6 more: $101 & let them cover all closing costs, something along those lines.

I think it's best to do this via phone (or in person) as that will show you are more serious, than simply doing email.

There's alot of stuff on the web re: dealing with banks on short sales, just google.

Thanks for the advice, folks. Comparable units on on sale for $160 - 180 (dreaming) and the only units to close in the past few months have been short sales around the 100K mark. I am thinking I want to pay no more than 100K, so perhaps a response at 97,500?

Oh, seller is paying 3% of purchase price toward closing costs, so good there.

I was going to say $98K myself....

$99.5K firm

ali r.
DG Neary Realty