Getting close on short sale in Menifee

Tips and Deals Forums Buying Your Home Buying a Home Inland Empire Getting close on short sale in Menifee

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 8 years, 4 months ago.

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    Anonymous

    Hi all!

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    I’ve been reading these forums for guidance for a while, thank all so much for your sage words of wisdom!

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    We made a full list price cash offer of $336k on a short sale in February. *We knew it wouldn’t appraise at that price, and made it contingent on it appraising. *We were just playing the game to get our offer submitted. *Low and behold, a few weeks ago, the lender came back with an acceptance of our offer, and actually reduced it to $303k.

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    The home is in an older neighborhood in Menifee, built in 1989. *The home itself is in good shape, though obviously neglected for years. *The interior has alot of pride of ownership touches, but has also been neglected. *It needs new appliances (they aren’t working), and counter-tops, carpeting and paint.**The exterior has lots of peeling paint, wood rot on both eves, patio cover and decking. *there are termites. *There is a wave in the concrete tile roofing that our inspector is going to look closer at. *It is on 2 1/3 acres and the property needs some serious maintenance. *The weeds are about 4′ tall.

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    My question is this. *I know that the BPO came in lower than the 303k. *We have not yet opened escrow as the same lender has a second of $40k on it as well, that hasnt received approval. *I’ve tallied up the estimated repairs and come up with around $30k. (We are waiting for the appraisal to order an inspection, termite inspection and septic cert) *I have requested a desk appraisal to start with, and am awaiting the results. *There are not any true comps.*Anything that is a comp in size is not a comp in age. *Im guessing the value will come in around 277k . *I don’t want to lose this property by misstepping at this point. *Should I reduce my offer to the appraised value less the repairs? *Or do you think it would make sense to offer 80-90% of their suspected BPO, which would be significantly less…?

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    The home was taken off the market when we made the offer, so there is no one else making an offer on it. *The current homeowners are about a year behind on the mortgage. *My thought is that it would cost the lender around $70k to prepare this property for sale in a Foreclosure. *They net about 50k more doing a shortsale.

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    Thanks for your time and help!

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    Tam

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