Short Sales Best Offer

2 Replies

On short sales. What’s more likely to be accepted; higher financed offer or a lower all cash offer?

Also generally what % of loan value is the bank looking to recoup?

Thx

If the buyer has a legit ore approval, and also provides a POF well covering their down payment and closing costs....they're both fairly equal.

The “% of their loan balance” is an irrelevant issue.....some are 10% under water, others 200%.....the bank is purely looking for something close to current value.

In Nevada the bank only cared about net to them amount, they didn’t care if it was cash or loan. Every offer was countered with their standard form. You could put no inspection and it wouldn’t matter, because their counter would say you have 7 days. but you also couldn’t offer more and then ask for certain costs to be covered because they also “rules” about what costs they would cover.  (If you offered $500 more and then asked them to cover the $500 appraisal fee they would say no.

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