OfflineI have a property that was sent over to me. And it was listed for $189k. The realtor spoke with the bank rep and they approved it for $183,500 for me. All concessions and closing cost are being covered by bank, and all this was done without me asking.
THE PROBLEM is that the property is only looking at being worth $190k. The rent seems that it could possibly bring in a cash flow. But the margin between the purchase price and the value of the property.
What should I do?
I asked the agent if should negotiate the price down and she responded saying that the bank rep says that's the best they can do.
Any suggestions, I have until Thrusday.
Go For The Gold
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Of course you can go to the bank. most SS are done at 10% or more off FMV. The realtor will tell you thats it every time. They want to get paid now not 4-6 months from now for a smaller comish! Remember their is a lot to a short sale.
Dan Favor
Michigan Home Network
www.michiganhomenetwork.com
If you are wanting to wholesale the property, you will probably need to get a better deal. If you want to rent the property, and there is a good cash flow, this might be a good deal. I would still start the negociating with a lower offer.
Al
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I asked to realtor to negotiate the lower offer, of course her saying they wont go any lower. I was planning on wholesale first, then when I got the news about the price, i thought renting it out. But I would have to go hard money, because I don't have the credit for traditional financing.
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Always remember the agent is working for you. You decide where you want the offer to be, they may advise you on what they think, but they are not the bank they don't know for sure what the bank will except. Go through the property set your max offer price and don't go above that.
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I am not working with an agent. It is easier here in Sacramento to let an agent find me. It is the listing agent that I am speaking with. And she's communicating with the bank.
Go For The Gold
http://buyinghomesinsacramento.buyforeclosing.com/
Follow my progress in this great journey we call R.E.I.
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