Insight on first short sale deal

[Michael Baradell]

Hey BP,

So I just had a bid accepted by the seller of a short sale property. Being a newer realtor, I am somewhat familiar with the short sale process but was curious if anyone can offer any insight from the banks perspective? I know I am in for a long wait to hear back from the bank, but is there anything I can do to help expedite the process? Any rules of thumb on what a bank will typically accept as far as how much of a loss they are willing to take on the property? Here are the numbers on my deal:

Originally listed for $235k

Reduced to $174k over the course of 3 months

My offer of $160k plus $5k for closing was accepted by the owner.

Through talking to the listing realtor I have found that the seller owes $210k

ARV for the property will be between $220k to $240k depending on finishes.

Projected rehab cost is $20k.