OfflineI found a seller who is very upside down on his house. He is seriously considering doing a short sale. He lives in a very nice house that he paid $490k for in 2005. From the pictures, the house is in fabulous shape. It was built in 1996. The kitchen cabinets are in great shape, but the counter tops are white tile, so the house could use a little updating. Here is the thing... the house is comping at around $242k. High is $369k Low is $145k. I don't see the house needing more than $5k to $10k worth of cosmetic work. How do I negotiate with the bank a low enough price so that I can wholesale this house to another investor? I know I can use the cosmetic repairs to get the $10k marked off the FMV, but how do I negotiate it down even farther?
KimmyJ
I believe you can use a loss mitigator to do the negotiating for you.One of my Cash Buyers told me he has one and could refer me to him.I will let you know what I find out.At REIclub.com I just heard a good websiminar about shortsales.
Jason S.
San Diego, CA.
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