Re: house listed no bites for short sale

Posted by Irwin on June 29, 2005 at 08:18:42:

In Reply to: Re: house listed no bites for short sale posted by Bill H on June 29, 2005 at 01:51:53:

Loan servicers often shoot themselves in the foot by getting "married" to BPOs that are unrealisticaly high. Bill's right. No investor will be interested at that price. However, there must have been some owner occupants among the 25 showings, and if none of them even submitted offers, I'd guess that your target price is going to be below $90,000. Just take them a solid offer and see what happens.

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

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Comments:
: Loan servicers often shoot themselves in the foot by  getting "married" to BPOs that are unrealisticaly high. Bill's right. No investor will be interested at that price. However, there must have been some owner occupants among the 25 showings, and if none of them even submitted offers, I'd guess that your target price is going to be below $90,000. Just take them a solid offer and see what happens. 

: 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


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