Posted on: 14th Jun, 2008 05:18 am
I placed an offer on a house for $140,000. the seller offered terms including cash sale without contingency except an inspection. The seller has $160,000 in 3 mortgages against the house and also 2 judgments on which he doesn’t know how much he has to pay. I do like the house but I don’t wanna pay for the seller’s debt. I can maximum pay $145,000 , so it will be a short sale I presume. The seller has been so far paying the mortgages but he’s in financial problems and not to forget 2 judgemtns in past 1 year. Any idea on how I can negotiate with seller?
Hi Sammy,
Welcome to the forum.
When the seller is going for short sale that means he needs to sell the property and it is his need. So even after that if he cannot sell the property at $145,000 that simply means it is not sufficient. Talk to him and him the most that you can give. Even after that if he doesn't sell the property to you then leave it and look for other properties that you can at least afford.
BTW you can take help from a Realtor for it.
Best of luck,
Larry
Welcome to the forum.
When the seller is going for short sale that means he needs to sell the property and it is his need. So even after that if he cannot sell the property at $145,000 that simply means it is not sufficient. Talk to him and him the most that you can give. Even after that if he doesn't sell the property to you then leave it and look for other properties that you can at least afford.
BTW you can take help from a Realtor for it.
Best of luck,
Larry
Larry is right the seller has to sell. However, if he is not working with a "short sale specialist" he will not know how to handle short sale.
What he need to do is take your contract and your approval to the lender and let them know he has a buyer.
There is alot more that needs to happen after that but, that will get the process started.
Hope this helps and hi Larry! :D
What he need to do is take your contract and your approval to the lender and let them know he has a buyer.
There is alot more that needs to happen after that but, that will get the process started.
Hope this helps and hi Larry! :D
I don't know if this is working differently in other states but in CA you aren't negotiating with the seller when it comes to a short sale - that's only the starting point.
The price is subject to lender approval so even if the seller accepts the offer there still can't be a deal yet. If the lender in first position accepts the offer you still have to deal with those in 2nd and 3rd position. Beginning to sound involved?
As Cliff says the seller needs to be working with an agent experienced in distress sales.
Also be aware that it sometimes takes quite a while to get a lender to cooperate...if you aren't willing to wait move on now.
Good Luck
The price is subject to lender approval so even if the seller accepts the offer there still can't be a deal yet. If the lender in first position accepts the offer you still have to deal with those in 2nd and 3rd position. Beginning to sound involved?
As Cliff says the seller needs to be working with an agent experienced in distress sales.
Also be aware that it sometimes takes quite a while to get a lender to cooperate...if you aren't willing to wait move on now.
Good Luck
