advise on making a short sale offer

[Dave Stevens]

Hi guys, newbie here working on my first short sale. I just got a payoff figure form the lawyers, here is the break down:

Principal Balance: $ 325,243.93
Interest: $ 12,499.86
Late Charges: $ 616.96
Escrow: $ 6,397.95
Property Inspections: $ 172.20
FHA/PMI: $ 581.19
Servicing Fee: $ 125.31
County Costs: $ 280.25
Sheriff Costs: $ 7,599.39
Additional Costs: $ 485.00
Attorney Fee: $ 1,325.00

Recent comps show similar houses selling for $245K to $250K with approx 150 days on market. I want to make an low offer the shows I'm serious but not too low that shows I don't know what I'm doing. Any suggestion?

[Justin S.]

Dave-

Jon said it best. You make your offer on what the property is worth to you.

My initial offer on all my short sales is 50% of fair market value minus repairs. I have never had that offer out right rejected, the bank always counters.

If the bank does reject it, then you simply submit a higher offer. The worst thing that happens is the bank accepts your first offer.

Always submit a HUD-1 with your offer as well detailing how much the bank will net on the deal.

Good luck.