Best ways to negotiate shortsale price with bank
I have been working with a homeowner at risk of foreclosure for the last few months to transact a short sale. We submitted all appropriate paper work, hardship letter, signed purchase agreement etc. The home is in disrepair, so I submitted a repair estimate from my contractor for required renovations.
Bank and/or investor ended up ordering a BPO and an appraisal. Since then they have countered purchase price. Price they have countered is much more than I feel the home is worth. Just down the road I have another short sale closing in a few days, same condition and square footage for 50k less than this Bank's counter.
I am going to counter back. What could I submit along with my counter that may be effective in lowering their price? I have already gave them repair estimate, although I will resubmit that with my counter. Should I find my own local comps and include those sold listings? Anything else? Thanks