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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: In the trenches with short sales Posted by barry on July 09, 2008 at 9:50 PM In Reply to: Re: In the trenches with short sales posted by CC in OC on July 08, 2008 at 6:22 PM :I haven't found Loss Mit Reps to be duplicitous, just savvy at negotiations. CC, I would have to argue on the Savvy negotiator part. House up the street in short sale offer of 375k on list price of 410k. Bank said no, only offer on the property in 98 day list. Went in foreclosure thats 60K legal expenses, sat on market for additional 185 days, six months maint. and taxes on 448k price at 1.1%. Sold last week for 315k. Losses Taxes 4928.00, loan 123,000.00 total loss to retirement fund holding loan= 127,928.00. Loss to same retirement fund if accepted first and only offer 75,000.00. Not good either way but loss mitigation should hold losses not increase them. Holding out for a good price is great in an up market, but today the first 21 days are crucial at day 98 you take what you can get. Move on to the tax write off and make more(better) loans on a realistic price for a property. Follow Ups: Net to Seller CC in OC 10:25 PM, 07/09/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : :I haven't found Loss Mit Reps to be duplicitous, just savvy at negotiations. : CC, I would have to argue on the Savvy negotiator part. House up the street in short sale offer of 375k on list price of 410k. Bank said no, only offer on the property in 98 day list. Went in foreclosure thats 60K legal expenses, sat on market for additional 185 days, six months maint. and taxes on 448k price at 1.1%. : Sold last week for 315k. Losses Taxes 4928.00, loan 123,000.00 total loss to retirement fund holding loan= 127,928.00. Loss to same retirement fund if accepted first and only offer 75,000.00. Not good either way but loss mitigation should hold losses not increase them. : Holding out for a good price is great in an up market, but today the first 21 days are crucial at day 98 you take what you can get. Move on to the tax write off and make more(better) loans on a realistic price for a property. [ 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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