Investor making an offer on a short sale

[Patrick McCafferty]

I like this property in my area. It is subject to short sale approval and it needs a lot of work. It is on the market for $199k, down from $329k. There is an $80k Home Equity Loan in first position, then a $175k and $40k home equity loan from a different lender. If I put at least $125k into it then it would be worth $275 - $300k so I would want to get it for around $100k. The $80k lender in the first position would be satisfied but do you think the Bank of America (the second) would be up for taking that much of a hit? Do they have any say in the process or does the lender in first position make the decision (in which case I would offer $80k)?

[Steve Babiak]

Originally posted by Jacqueline Lerner Aderman:

...
can I get CMA's myself without contacting a realtor for that info? if so, other than zillow, what would you recommend?

thanks,
Jackie Lerner Aderman

Jackie,

That question has been raised more than once in other forum sections on BP; it's not specific to short sales - it's generic to all real investing.

So here are some links to other BP threads that you might find helpful. A search of the site forums might get you even more alternatives.

http://www.biggerpockets.com/forums/48/topics/9211-what-online-comparable-sales-resources-do-you-like-

http://www.biggerpockets.com/forums/48/topics/3080-finding-comps-for-a-area

http://www.biggerpockets.com/forums/48/topics/2021-finding-comps

http://www.biggerpockets.com/forums/12/topics/28821-pulling-comps

http://www.biggerpockets.com/forums/34/topics/32875-lender-s-appraisal

http://www.biggerpockets.com/forums/12/topics/10826-where-can-a-get-good-comps-and-marketvalue-on-homes

http://www.biggerpockets.com/forums/12/topics/39786-sales-comps

http://www.biggerpockets.com/forums/12/topics/14794-what-do-you-use-for-online-comp-research-

http://www.biggerpockets.com/forums/12/topics/22356-what-website-do-you-use-for-comps-and-arv-

http://www.biggerpockets.com/forums/48/topics/9818-methods-of-looking-up-comps

http://www.biggerpockets.com/forums/48/topics/30688-understanding-zillow-