I have been working on a short sale on this property at 494 Orchards Walk in Stone Mountain, GA 30087. The owner is now a single mom whose husband left her and her daughter, and she can't handle the payments alone anymore. The property needs $55,000 in repairs. My first offer was back in November for $83,000 and Countrywide declined, saying they want $228,000. (This is actually more than she owes them which is $171,000.) Then in December I raised my offer to $92,250 and they didn't respond at all yet. We started working on this early in the game because we knew she would be falling behind and we also knew that the foreclosure process is short in GA. Today she was served with her initial Notice of Default and the payoff is listed as $171,518.
My opinion is that $92,250 is a very good offer, knowing that it needs $55,000 of work. I used comps from realtor last month that support my position. Maybe you can give me your opinion to provide more credibility to the lender about the true value of the home.
Here are the addresses of the comps I used
426 Registry Bluff ($170,000)
6883 Glen Cove Ln ($170,000)
822 Mountain Oaks Pkwy ($112,000)
Thanks for your help,
The comps pan out nicely. given the potential repairs, be certain your short sale package includes a detail of the approx 55k in repairs. This could be the sticking point for not accepting the offer. If you have already, continue to drive that message home with Countrywide.
It sounds like you know this deal well, but remember, it's just a house, there are lots more deals like this one and better.
To your Success!!!
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