We need Short Sale Help
A real estate agent called me regarding a short sale he has listed. He is working with the Bank's negotiator. The property is listed at $380K. The seller owes $385K. The property is in fairly bad shape:
The roof needs repaired or replaced, no flooring in the house- needs carpet or other. The kitchen needs repairs. Needs new appliances, walls are patched in some places - needs paint throughout the house. Overgrown landscape. This list is what go got by viewing pics and doing a driveby.
Can't determine if windows are okay nor how bad the interior really is due to limited pics. Based on the above, we are trying to determine a ballpark figure to start from before going to visit the property. We feel comfortable having a base starting point.
This house will be a rental. We are considering the 30% rule. $380K x .70 = $266,000. The comps in the area slim ranging from $350K and $425K all renovated. Considering the loan amount and when we see the inside of the property is $266K too low. We'll probably have to put in $35K to $40 in reno. My husband's brother is the contractor - so we can get the work done. Thanks for your help!