Updated over 13 years ago on . Most recent reply
Short Sale Questions...
Trying to work on landing a short sale deal in my general area, but ran into a few questions that I couldn't find the answers to - would greatly appreciate some help sorting these out.
1. If I were to negotiate a short sale with the bank, what price should I be looking to pay? - whats the normal discount amount off of ARV if financed? and what difference would an all cash offer make?
2. If I were to purchase the liens from the other holders (after the short sale negotiation was sorted out) what premium should I be expecting to pay? From what I've read, the normal interest rate received on the liens they purchased (in Kentucky) is 12% - so what kind of additional premium on top of that should I expect to be added? Is it legally possible for them to add a larger premium on top of that 12%?
3. Am I required to own all the liens to file for ownership in court, or just have a large majority? If for example I have 9 of 10 liens against a property, would that be sufficient "ownership"?
Thanks