Houses For Sale In Miami
My landlord stopped making mtg pmts,he says bank will consid short sale. What % of tax apprais should i offer?
This hit out of nowhere, we have a lease on the house through next November and now he tells us that he can’t make his payments. He says that the bank will take a short sale due to the current real estate situation here in the Miami area but I don’t know if this is the case or not. The house is not worth what he paid for it, I know that for sure, he made a bad investment at the wrong time. He paid over 130K more than the current tax appraisal and the builder is still building new houses in the neighborhood at lower prices than when he bought two years ago. My biggest question now is how to evaluate the lowest legitamate price that the bank would accept given the current real estate conditions in the area. The only hard value that I currently have is the county tax appraisal. So, what percentage of the tax appraisal might the bank accept in a short sale situation? Or, is there a better way to evaluate the best price to offer?
Thanks
Forget the county tax appraisal, it is meaningless in constructing an offer in this situation. See if you can find out how much he owes. Normally the threshold for lenders is about 88% of loan value. But abnormally in a declining market and with the other new construction factors you mentioned, I would get a good realtor involved to get you some comps. If he/she is good, they should be able to structure a good deal and receive a commission. Look for someone who has had short sale experience.
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