Anyone have a firm grip on the math of how Banks determine what to accept for a Short Sale?
I know this is equivalent of asking someone to throw darts in complete darkness, but as I'm researching I'm finding that Banks/Investors have at least some initial approach when contemplating where to set their values at based upon the market. I'm generally able to get a 80-85% of market value with solid comps accepted rather frequently, but when I start to get below that I notice the approval rate either takes longer or it takes a bit of a fight (market dependant) to get within that magical 65-75% range.
Any experienced short sale investor/negotiator care to dialog on what you are experiencing, and some of the different ways you approach to maximize your chance at getting lower numbers?
I'm seeing homes that have PMI insurance on them, with higher taxes in stricter code enforcement municipalities seem to be more negotiable as well.