All Forum Posts by: Phil Z.

If they have plenty of money to pay the mortgage then the lender will [usually] not do a short sale. (Unless their is some other reason preventing them from staying in the home.)

The list price should be based on current market value. But keep in mind, BPOs can often come in lower than CMV .. and that's where investors make their money.

- I'm not aware of any law obligating the disclosure on the MLS.

- They are supposed to be listed at today's current market value.

- The listing agent is obligated to submit offers to the seller, but not the lender. The lender wants 1 good offer.

- Give the listing agent both sides if you want your team agent to be mad at you and the listing agent to love you.

If its a real mold problem then you will have to provide a mold disclosure when you resell and state that you corrected the problem. The buyer may then request to have a professional mold test done by a hygienist. If that comes back positive, your wallet could be in a world of hurt.

Also a lot of lenders wont allow for repair credits to the buyer (sometimes directly to a contractor), so you could put the sale in jepardy.

The lender may have rights to also get a judgement and come after the borrower for their losses AFTER foreclosure. They can then put liens on everything they own for a very long time. If they want this to follow them around for the next 10yrs .. go for the foreclosure.

The Mortgage Balance is really irrelivant. My offer would be 85% of the lowest BPO I could conceive.

I would refrain from "influencing", especially on a public forum. However, If you want to make sure they are aware of needed repairs, that should be fine.

Your BPO goal is too high for your offer. I would want the offer closer to 88% of the BPO value.

Are you aware from lenders have anti-flip clauses in their approval letters?

If you've listened to Short Sale Wholesaling 'Gurus' in the past "BE CAREFUL".

Nothing Fancy ..

When I do a CMA I always try to keep the sqft within 30% and a 1 mile radius (for suburb). That's first things first. Then if you want to get into detail on adjustments, I use this formula. (If the area has high land value, you might need to divide by an even larger number than 2.)

example: Comp_Sale_Price / Comp_SqFt = Comp_Price_Per_SqFt

Subject_Sqft - Comp_Sqft = Sqft_Difference

Comp_Price_Per_SqFt * Sqft_Difference = Adjustment_Subtotal

Adjustment_Subtotal / 2 = Final Adjustment