How do I determine what to offer on a short sale?

JACQUELYN HANSER
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I want to make an offer on a short sale, the loan is owned by IndyMac which the FDIC announced on Jan 2 2009 that they struck a deal to sell the failed mortgage lender Indymac to a group of private investment firms. The investors will in1.3 billion in capital and the FDIC has agreed to share the losses on the mortgages. With all that said, how do I come up with an offer?

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February 06 2009 - Delray Beach

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Answers (2)

Dan Statlander, "Dan Statlander"
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Dear Jacquelyn,

Usually in a short sale transaction, the Sellers Bank will obtain an appraisal for itself to see what contract price they will be willing to approve. They will normally approve an amount that is within range of the appraisal. This could be around 10%, 20% or Market Value. Every bank is different, every transaction is different. It would depend on the Seller and the hardship, the amount outstanding on the loan and any other relevant circumstances. Your realtor should be well versed in the arena of Short-Sales. They are complicated and you should not try to embark on pursuing a Short-Sale without an experienced realtor. This could prove frustrating and a huge waste of time.

Feel free to contact me any time @
Dan Statlander
http://statelandbrown.com
p: 561.542.7338
e: dstatlander@statelandbrown.com

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May 13 2010

Sandra Jacobellis, P.A., "sandyjacobellis"
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Are there any other short sales that have sold recently in the area? Have you searched the public records to see how much is owed on the mortgage? I would start there, and from that you should be able to determine a starting point. Another factor would be how far along the short sale is... You definetely want to go into contract before it goes up for auction, or taken posession by the bank...Then make your best offer...