22 Daffodil
- Thread starter Seventhree_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
Someone asked me about that one yesterday via PM 7. It's a big time short. The have received their NOD and owe likely $200K more than the list price. The price is likely a teaser. They want to draw out a viable offer to present to the bank...
They bought it with 10% down but later doubled the size of the HELOC. If they drew down on the line to the max, they'd owe almost the purchase price.
I'd expect the lender holding the 1st to counter an offer in the $460-470K range since that is the 1st's value. That assumes $460-470K could be supported by recent comps.
ipoplaya_IHB
New member
Seventhree said:
Someone asked me about that one yesterday via PM 7. It's a big time short. The have received their NOD and owe likely $200K more than the list price. The price is likely a teaser. They want to draw out a viable offer to present to the bank...
optimusprime_IHB
New member
Holy cow..a nice comp buster!
CalGal_IHB
New member
According to Zillow it was purchased on 08/31/2006 for $585,000.
ipoplaya_IHB
New member
CalGal said:
They bought it with 10% down but later doubled the size of the HELOC. If they drew down on the line to the max, they'd owe almost the purchase price.
I'd expect the lender holding the 1st to counter an offer in the $460-470K range since that is the 1st's value. That assumes $460-470K could be supported by recent comps.
IrvineWorker_IHB
New member
Some of the lenders won't even start the Short Sale process without an offer, so an agent drops the price really low to bring in offers. Once they get a ballpark of what the bank will accept, then they raise the price. This is quite a frequent happening in today's market. Good contacts in loss mit are really important - otherwise, you're involved in a fishing expedition and a waiting game.
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