Kasy, Home Seller in Mountain House, CA

What's my chance of a lender accepting a $170K cash offer on a house that owe 1st $440K and 2nd $83K?

Asked by Kasy, Mountain House, CA Sat Aug 2, 2008

I've notice that brand new townhouse being built in the area is only selling for about $350K. My house is almost 3 years old. In my opinion, this cash offer of $170K is reasonable. I know that the 2nd lender only requires a payoff of about $9000.

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5
Bewary of purchasing a town home in this community, this developer has had several construction defects arise in these homes.
0 votes Thank Flag Link Sat Aug 16, 2008
Wow, that seems like a lot for the banks to accept the offer. I would think Perhaps $270K would be more of what the lender are willing to take. But it's best to look at the comps for the area and see if $170K is indeed reasonable. If it is then I would think the lenders are more than happy to take it and get one more property off of their hands.
0 votes Thank Flag Link Mon Aug 4, 2008
Like a snowball in the summer.
i don't know the details, and your post is confusing.
A brand new townhouse fpr $170K I find hard to imagine, but it depends on the comparables.
I'd ask your Realtor to run some comps and see.
0 votes Thank Flag Link Sat Aug 2, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Vicky is correct on her response. It will take approx. 2 - 4 weeks for ank approve a short sale, prior any offer submitted, You will need to prove you cant afford the home by supplying tax returns, bank statements, many other financial documents.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Aug 2, 2008
If I understand correctly, you are trying to negotiate a short sale with your lender? Aside from the price, your lender may or may not approve ANY short sale. Take a look at the reference below. As for the price, the bank will order BPOs and appraisals to determine the market value of the property. If it seems reasonable to them, and everything is in line, then they will take it.

I assume you have a listing agent who is assisting you? Hopefully, that person is experienced with short sales and has good resources. I also hope you've consulted with an attorney and tax consultant.

Short sales are NOT easy to navigate - for anyone. Unfortunately, almost everyone in the game is a loser, it's just that everyone is trying to control their damages as best they can.
0 votes Thank Flag Link Sat Aug 2, 2008
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