What percentage of appraised value will a lender usually take on a short sale?
The borrower refinanced the home loan for 96,000.00 and did not pay the first note. He sold the home for 110,000.00 to me. Paying 6,600.00 in closing costs. His payoff on the loan is 106,500.00. The bank will have to accept 103,000.00. on the short sale. This would be apx. 97% of payoff and 1.08% of the initial refinance.
Answers (1)
FIRST ANSWER
It really depends on the portfolio of numbers the bank is dealing with. Each lender has its own rules. I've sold houses in short sales for 90% of current appraisal price. Keep the offer clean for the fastest response.
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