Re: Short sale in MN
Posted by steele in minnesota on February 22, 2006 at 10:10:40:In Reply to: Re: Short sale in MN posted by Kate on February 22, 2006 at 09:31:46:
: : kate,
: : If you owe about $205k, you'll probably need a sale agreement for maybe $160 - $170k. There are an awful lot of variables, so a lower price might be appropriate, but I don't think $90k would fly unless the house is virtually destroyed.
: I'm so sorry. If I cited a possible price of $90k, I meant $190k. If it sold for $190k, does that mean the bank would be willing to take that $15,000 loss?**************************
You never know until a proposal is made, but that is a much more likely scenario. Definitely worth pursuing. Just make sure you have knowledgable help in doing this.
Steele V. ProppForeclosure Specialist/Loss MitigatorREO DivisionSchatz Group GMACMinneapolis, MNsteelep@aol.com
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Comments:: : : kate, : : : If you owe about $205k, you'll probably need a sale agreement for maybe $160 - $170k. There are an awful lot of variables, so a lower price might be appropriate, but I don't think $90k would fly unless the house is virtually destroyed. : : I'm so sorry. If I cited a possible price of $90k, I meant $190k. If it sold for $190k, does that mean the bank would be willing to take that $15,000 loss? : ************************** : You never know until a proposal is made, but that is a much more likely scenario. Definitely worth pursuing. Just make sure you have knowledgable help in doing this. : Steele V. Propp : Foreclosure Specialist/Loss Mitigator : REO Division : Schatz Group GMAC : Minneapolis, MN : steelep@aol.com Optional Link URL : Link Title : Optional Image URL: