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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] 3 scenarios Posted by CC in OC on July 09, 2008 at 7:15 PM In Reply to: Oh! posted by Tom on July 09, 2008 at 6:00 AM This question was posed today on a discussion board dedicated to short sales only. Here's another short sale investor's experience. You can bet the 2nd got zero in each of these deals. Influence the appraisal enough to hit your numbers and you'll be fine. Let it come back too high and you'll be screwed. A recent transaction involving Countrywide for example. Lien: 425k (plus the usual 20k in fee's etc) FMV: 350k Offer: 185k Value of Countrywides drive buy appraisal six months ago: 400k Value of interior appraisal end of may: 185k Value of second appraisal ordered a week after the first one: 185k Value of third appraisal ordered two days later: 185k BPO done a few days after that: ?????? Never found out Accepted offer: 185k Another deal with Aurora only I missed the first appraisal appointment Lien: 479k FMV: 350k (IMHO, can use dated comps to get 425 if you wanted, but not real) Offer: 180k Appraisal 1: 425k Appraisal 2: (was there for this one): 300k Tentatively agreed upon sales price: 247k (supposedly getting my approval letter this week) Just to show what can happen, a First Franklin gone bad: Lien: 650k FMV: 360k (badly depreciating area) Offer: 225k Appraisal: 415k (yes I was there for this one, and didn't see this coming at all) Investor won't accept offer below 392k Follow Ups: Re: 3 scenarios DW 9:54 AM, 07/10/08 (1) Re: 3 scenarios CC in OC 2:13 PM, 07/10/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : This question was posed today on a discussion board dedicated to short sales only. Here's another short sale investor's experience. You can bet the 2nd got zero in each of these deals. : Influence the appraisal enough to hit your numbers and you'll be fine. Let it come back too high and you'll be screwed. A recent transaction involving Countrywide for example. : Lien: 425k (plus the usual 20k in fee's etc) : FMV: 350k : Offer: 185k : Value of Countrywides drive buy appraisal six months ago: 400k : Value of interior appraisal end of may: 185k : Value of second appraisal ordered a week after the first one: 185k : Value of third appraisal ordered two days later: 185k : BPO done a few days after that: ?????? Never found out : Accepted offer: 185k : Another deal with Aurora only I missed the first appraisal appointment : Lien: 479k : FMV: 350k (IMHO, can use dated comps to get 425 if you wanted, but not real) : Offer: 180k : Appraisal 1: 425k : Appraisal 2: (was there for this one): 300k : Tentatively agreed upon sales price: 247k (supposedly getting my approval letter this week) : Just to show what can happen, a First Franklin gone bad: : Lien: 650k : FMV: 360k (badly depreciating area) : Offer: 225k : Appraisal: 415k (yes I was there for this one, and didn't see this coming at all) : Investor won't accept offer below 392k [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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