traderjphx
New Contributor
Hello,
Just wanted to inform our investors that some banks are finally dealing on short sales. I recently obtained a short-sale in Mesa, Az with the following parameters;
1. Original Loan Amount: $260k, Dec. 2006
2. BPO (the lender's estimated value of the property): $210K, May 2008
3. Accepted Payoff: $148k / Contract Price: $160k
I did this as the listing agent. End buyer is a retail buyer using a conventional loan. I am getting a commission on this property based on the $160K purchase price. I didn't expect much since the seller called one week before the auction date. I was able to post-pone the auction twice already as one buyer fell through. This discount is only about 75% of value, but the house was newer and needed very little work.
Just wanted to inform our investors that some banks are finally dealing on short sales. I recently obtained a short-sale in Mesa, Az with the following parameters;
1. Original Loan Amount: $260k, Dec. 2006
2. BPO (the lender's estimated value of the property): $210K, May 2008
3. Accepted Payoff: $148k / Contract Price: $160k
I did this as the listing agent. End buyer is a retail buyer using a conventional loan. I am getting a commission on this property based on the $160K purchase price. I didn't expect much since the seller called one week before the auction date. I was able to post-pone the auction twice already as one buyer fell through. This discount is only about 75% of value, but the house was newer and needed very little work.
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