Short sale/ pre-forclosure

Submitted by natividad974 from NJ - 08/02/2009 - 4:35pm

Out of all the townhomes I'm looking a pre-forclosure home.It listingprice is worth $255K. It was listed since 1/09 and a bidder made there bid on 3/09 rejecting $220K. What is a good bid to put down??? Is that really considered a short sale price? My brother is loan officer and he said $175K is an ideal price for a short sale price.

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Comments

Submitted by Jeff - 08/18/2009 - 8:22pm

Typically you will get a shortsale accepted at about 82-85% of the BPO. use this to avoid guessing and leaving money on the table, good luck

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