1st Short Sale

[Tomeka Wray]

Hi BP Colleagues!!!

I am analyzing a lead that I want to make my first offer on. It is a short sale, however I am not willing to pay what the seller is asking. In order for my numbers to work, I need to offer 40% less than what the seller is asking. I know that they have pulled alot of the equity out of the home and they have a HOA lien on the property. My question is am I being crazy with my offer. What is the typical amount that you offer below asking price. With the asking price and the amount of repairs needed it will be well over the ARV. Let me know if my offer sounds crazy. Thanks.

[Rob Jacobs]

Quote from @Tomeka Wray:

Hi BP Colleagues!!!

I am analyzing a lead that I want to make my first offer on. It is a short sale, however I am not willing to pay what the seller is asking. In order for my numbers to work, I need to offer 40% less than what the seller is asking. I know that they have pulled alot of the equity out of the home and they have a HOA lien on the property. My question is am I being crazy with my offer. What is the typical amount that you offer below asking price. With the asking price and the amount of repairs needed it will be well over the ARV. Let me know if my offer sounds crazy. Thanks.

A good negotiator can get it done. Especially if there are condition issues affecting the value. You'll need a laundry list of proof to give tp the bank. If you find that the listing agent doesn't have experience, I may be able to help.