How do i approach loss mit

[verbatim]

ARV= 51,000
mort balance=41,000 @ 11% interest
repairs=10,000 [as of now, may go up]
comps are between 36k & 61k in this subdivision [the 36k home was forclosed on and the 61k is BIG]

Seller cant afford to pay, called loss mit & they said 'make us an offer'

What price would you all offer loss mit and why.

I'm  under the impression that since I have to give them comps & repairs to justify my price, when they see the square footage comps bring the ARV to 51k & it's just 10k in repairs they'll go no lower than 41k.

But the owner will have to go bankrupt or have it forclosed upon due to the fact that she cant pay.

Feedback would be greatly appreciated.

Thanks in advance

[tedjr]

I have been successful et one short sale so far. I borrowed $28,500 to buy a duplex about 5 years ago. It has been in BK for two plus years and I got it back and owed over $10,000 in back payments, taxes and attorney fees. I did not send comps or pictures but just the $25,000 offer which was just a letter stating what I would pay and why. They said thet would take $30,000 and I have agreed. They hired someone to value the property. Hope I helped a little.

Thank you,

Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737

512-301-9171 home
512-587-6177 mobile

[verbatim]

thanks, thats alot simpler  than the process others have had to go thru.  i wanted to negotiate and flip the deal but i was told on another site that if i negotiate the deal, the bank will only sell it to me

[tedjr]

They are probably right. Banks are smart too. The worst the condition of the property the better chance to make deals.

Good luck with it

Ted Jr

[overseer]

From all the research I have done and questions I have asked, you can flip a short sales. You would have to do a simultaneous closing to get it done. As a matter of fact, the deal that I hope to get done I am going to do just that.