Eval This Short Sale

[Carmen L.]

Hello,

Short sale List Price 110K

Final Asking 115K

Potentential Final Offer 115K

Immaculate, custom, SFH, short sale, no repairs needed.

Taxes 1400 per/yr
HOA 150 per/yr
Prop Insurance 700 per/yr

financing 86,365 @ 3.75% with 25% down on a 15 yr loan

Grand total cost incl Taxes, HOA, Prop Insurance: 816.00

Potential Rent: 1400.00

Net: 584.00

No PM fees, self manage. Tenant to pay pest control and lawn maintenance.

The bank has played hard ball. I offered all cash 85K, all cash 95K, and financing 105K. All rejected. The bank finally said they want full appraisal value. I know the house well, and it's excellent condition. I am not sure how I feel about netting 584.00 and having no equity. This will be my 4th SFH. I went a little high on my numbers to be safe, like Prop Insurance and possibly interest rate, as I was quoted 3.125% and 3.75% last wk on 15 yr loans. I appreciate your input:-)