Short Sale Help..1st time Short Sale Buyer

**karlsd** · 12-17-2007, 09:42 AM

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**Codythebest** · 12-17-2007, 11:34 AM

You need the cash to make a good deal. The bank offer 20% below FMV? Offer 50% below. It's a fact that bank stay on their property still but at one point, they'll sell. I suggest you negociate down without fear, arguing that you don't need t buy, you helping, that they can keep it and you can move on next door since there are so many foreclosure, that $250K in cash now is better than, perhaps, $350K in the future, if lucky, etc...
Good luck...

**karlsd** · 12-17-2007, 12:19 PM

thanks

well unfortunelty I do not have cash, just stellar credit and the ability to get a mortgage....I guess this will impact my negotiating strategy a bit.

**Codythebest** · 12-17-2007, 07:19 PM

Originally Posted by karlsd

thanks

well unfortunelty I do not have cash, just stellar credit and the ability to get a mortgage....I guess this will impact my negotiating strategy a bit.

It will inpact it. Now, I suggest you get pre-approved with a 3-5 days to close. Just be as ready as possible. If you can show you're able to close very fast, it is OK...

**fdralyuk16** · 12-28-2007, 09:39 AM

this will give you instant "equaity", if there still is such thing. i have been doing short sales a while now and this is the only strategy that has a high conversion rate.

**Greg** · 12-30-2007, 09:54 AM

IMHO, I don't think there will be any equity in this house. If this is a house that you want for personal reasons then don't worry about it.

If this is an investment then remember that the price of the next house that sells in the area will be affected by the price you pay for this one.