Short Sales with AHMS

[Justin S.]

For those actively doing short sales, has anyone had luck getting American Home Mortgage to discount their properties beyond the BPO/Appraisal?

I have three properties with them now, and on two of them the BPO/Appraisal came back okay assuming they would discount 20% like a normal bank. But they have seemed to buttoned up.
Anyone having luck getting a further discount? The only reply I got them from them was that I would have to pay for an appraisal to show them that the property is worth less than they show.

Thanks
Justin

[Will Barnard]

Send Sonny over for a "chat" Justin, then forgettaboutit!
You will get your price! :)

[James Ward]

Justin,

We have had to pay to have a new BPO performed. In that case, it did in fact turn out pretty well. The price for the new BPO was worth the "saving" on the purchase price.

Also, I have only one(1) time gotten them to lower well below the original BPO. It was do to the fact the we sent in the local map to show the sexual predators in the area. There were a few in the area. We explained this is the reason the price needs to come down. And also the reason why so many properties are for sale in the area. It also further shows that without the discount, this property will sit on the market for a long time.

Hope this info will help,
James

[Justin S.]

Will- Thanks for the advice, but I'll try James' method first. When all else fails, send in Sonny. :)

[Mitsu O'Riley]

I haven't had AHMSI give me trouble on values. The MI company had questions, but I just got the deal approved with the buyers paying $20k less then they originally were offering (10%) and the note the sellers need to pay to MI co reduced by 10k.

AHMSI is truly just a servicer, so next time, submit the file with your BPO.
Also, 20% on a 100k deal mans totally different on a 300k deal. I know it's crazy, but the analysis is what they go by.
I have a deal with for 90k and the bank is wanting to deny since they want the net to be about 12% from the gross. Take $3k for the 2nd, 6% for commissions, and minimal closing costs, and you're passing their "max".

Mitsu