Hello,
It is a short sale and they want offers in by Monday 23rd. The seller is out of state and they will make a decision Tuesday and get the offer to the bank asap.
I will run comparables. It sold brand new for $579,900 in 2005. The last short sale sold for $417,000 and the last regular sale sold for $505,000 per the listing agent. I will verify his data. Listing agent believes it will sell in the low to mid $400,000s.
There are two loans on the property so both lenders have to agree to the sale price. The listing agent is using a short sale mitigator who does these types of negotiations vs. the agent trying to do it himself so that is good.
Short sales can take a long time (45 days to 9 months) as the two lenders have to agree to how much money they are going to get out of the sale. We currently have clients in contract on a short sale and it has been almost 90 days waiting for the lenders to agree. The good thing is short sales are trending on the side of taking less time to close.
Call me with any questions.
Sandy
Sandy and Jane
Fireside Realty
Sandy Sparkman: 408-398-5545 DRE# 01358679
Jane Larkin Christie: 408-202-3465
DRE#00923016
Fax: 408-228-6063
--- On Thu, 11/19/09, PropertyMinder <notify@xxxxxxxxxxxxxxxxxx> wrote:
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