The asset manager for the bank is going off of whatever they feel is fair market value rent for your house. I suggest contacting a Realtor in your area & ask them "What do you think fair market rent is for my house? You never know unless you simply ask the bank/asset manager & if you have some rental data see if $1500 is fair.
I agree with the other answer that if you can move quicker they may pay you more.
I am always curious to know & if you can email me with an answer that would be great. I promise I won't Spam you back or anything, but why did you not list the house for sale or do a short sale? Why did you let the bank take it all the way to an auction or did you do a deed in lieu & if that's the case, why a deed in lieu?
Realtor Since 1996
Distressed Property Specialist... more
Mathematical formula notwithstanding, I think Brian's suggestion [give it a decade] seems much more realistic than any of the nonsense they keep spewing on our beloved nightly news. This disaster didn't happen overnight. I'm no economist but, common sense tells ME that the origins of this nightmare are at least a couple of years prior to "the boom" years. (my real estate dealings boomed hard from '04 - '06)
If it took 15 years for one of the most honor-bound and efficient cultures on Earth to dig themselves out of what Brian described as a similar mess then, how long is it likely to take the world's most arrogant and wasteful?
Just a thought from your friend and neighbor and fellow TypikalAmerican.... more