What to Offer on Short Sale | REALTOR.com? Blogs

Q: Hello,

We own some land that we were going to build a house on. But we recently made contact with the owners of a home adjoining our property that has been vacant for over two years and they have not made a mortgage payment in nearly three years. Bank of America went through foreclosure proeceedings but then voluntarily dismissed the case (without prejudice). I met with the owners and they are willing to go through the short sale process with us and have been denied loan modifications on several occassions. I have not hired an agent yet but I am working my numbers with my mortgage broker and I want some advice on what Bank Of America usually will accept on a short sale (house has not been listed for sale but sellers agreed to be represented by dual agent). I read they no longer do BPO?s but rather use the value of the following site: http://realestatecenter.bankofamerica.com/tools/marketvalue.aspx?cm_mmc=CRE-HomeLoans-_-vanity-_-CA01VN002F_homevalue-_-102910

The estimated value of the above website says 235,000. The home needs approximately 5000 in repairs (not counting a leaky basement which I do not know what it will take to fix). House was built in 2006. What is a realistic number to start at with Bank of America on our offer?

Thanks!
? Kevin, Hagerstown, MD

A: Contact a local real estate agent with expertise in short sales and in the type of property you are interested in. I?m not familiar with anything that indicates BoA is no longer doing BPO?s (they actually ordered one on a short sale we have in escrow less than a month ago).

A local agent would be in the best position to advise you regarding a potential sales price- remember, real estate is hyper local.
Alex Cortez is a Realtor? with Wailea Village Properties LLC dba/Island Sotheby?s in Kihei, HI.

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Related posts:

1. How Do I Make An Offer On A Short Sale?
2. What Does ?Active/Pending Short-Sale? Mean On A Listing?
3. Is There A Difference Between A Bank-Owned Property And A Short Sale?
4. How Long Will A HUD Short Sale Take?
5. Does The Type Of Loan Matter On A Short Sale Offer?

Source: http://www.realtor.com/blogs/2012/08/15/what-to-offer-on-short-sale/

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