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Posted by Bill H on June 29, 2005 at 01:51:53:
In Reply to: house listed no bites for short sale posted by LeeAnn on June 28, 2005 at 13:18:31:
: Our Mortgage servicer agreed to allow us to do a short sale. They wanted us to list at market value did a BPO and came up with $110k which is what a great house with lots of bang is going for in area. We listed our house last month at $99 we have had over 25 showings and not one bite. We received the foreclosure complaint 2 weeks ago and I am filing an answer to give us some time. At this point the mortgage company is not even returning the realitor phone call (he wants to lower price).
: Any suggestions on where all the investors are?
: The mortgage company can't get anything out of us moneywise since the mortgage was included BK7 2 years ago.
The numbers do not add up for an investor to be interested. To buy a house in "Bang up Conditions" as you say for 99K leaves no room to sell and make any $$$.
The 25 showings indicate that 25 people found the house to need more repair and TLC than would make it worthwhile for a new home owner to come in and take over and do...let alone an invetor trying to make a living doing the re-hab and recondition and then selling.
A short sale to be interesting to an investro must leave room for them to do the rehab and recondition and make a reasonable profit for their time, effort, $$$ and energy.
Investors are in this business to make $$$, not to accomodate you and your mortgagee. If it does not make sense and $$$ they cannot afford to do it. Simple as that.
Good Luck,
Bill H
