Updated over 11 years ago on . Most recent reply
Short Sale Questions
Hey BP,
I placed an offer on a short sale property on Tuesday afternoon that was accepted Wednesday morning by the selling party. I am now awaiting approval from the bank on the price.
Ask Price - $95,000
Offer - $90,000
The lending institution is a very small bank that holds their own notes in house. My thought is to approach the bank and attempt to utilize their services so that I can have some more negotiating power to work out the best deal for both parties. The best possible scenario is to assume the mortgage of the previous borrower with zero money down. My realtor sounds optimistic about working something out with the lender but I don't want to count my chickens.
Anyone have experience with tricky short sale solutions like this?