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. Propp
Foreclosure Specialist/Loss Mitigator
REO Division
Schatz Group GMAC
Minneapolis, MN
steelep@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


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