Short Sale Opportunity...

[Curtis H.]

Hello fellow BP Members!

I have a potential Short Sale that is mine if I want it. I initiated it, worked with an agent, and now I am here...Here are the numbers. My intention is to buy and hold. Homes are appreciating in the area. 

2 Story , 3BR 2BA, 2300 sq ft

Austin, TX area

Comps coming in at about $175-195K

Rents at about $1550-$1600

House needs $14K of foundation repair

I estimate another $6-8K for collateral damage and minor repairs to make rent ready

Foundation engineer says home is structurally sound and safe to live in, but wouldn't say how long. 

Bank's lowest acceptable offer - $125,500

Thoughts?

I'm torn. The foundation repair is killer, and the bank apparently won't budge, but I haven't talked to them yet, just the agent. If I show them the estimate with a $14K foundation issue on their hands, I'm hoping they will lower the price $8K or so. I stopped a foreclosure and there are NO offers on the property besides mine. If they don't accept my offer they will sell on courthouse steps. 

[Wayne Brooks]

Assuming they don't have info on the foundation issue, maybe.  Submit G quotes.  This is why we submit these with the contract to justify the lower price, before the bank gets "stuck" on a value.