Condo on the water in FL - falling market.
Similar units have sold for $750-765,000 in the last 4 months.
Unit was offered for $675,000 for a month - no takers.
Unit then repossessed. Bank if offering it for $585,000.
Through reliable sources, bank loan was $570,000 (Amount they are due) and I have been told I could have it at that price. Realtors said if I offer $540, chances are 50/50 but obviously realtors like to sell for as much as possible.
Unit has been appraised by two banks at $700,000 and $720,000 and both are willing to write a preapproval for a 100% HELOC up to that amount for the amount beyond the purchase price should I so choose.
Unit generally in good shape, but needs new appliances (stove, fridge, dishwasher (Stolen))
I'm considering $520,000 or $530,000 as an offer and just standing firm with it.
How much of a loss is a bank usually willing to take to unload? 10%?
Any thoughts?
Sean
Similar units have sold for $750-765,000 in the last 4 months.
Unit was offered for $675,000 for a month - no takers.
Unit then repossessed. Bank if offering it for $585,000.
Through reliable sources, bank loan was $570,000 (Amount they are due) and I have been told I could have it at that price. Realtors said if I offer $540, chances are 50/50 but obviously realtors like to sell for as much as possible.
Unit has been appraised by two banks at $700,000 and $720,000 and both are willing to write a preapproval for a 100% HELOC up to that amount for the amount beyond the purchase price should I so choose.
Unit generally in good shape, but needs new appliances (stove, fridge, dishwasher (Stolen))
I'm considering $520,000 or $530,000 as an offer and just standing firm with it.
How much of a loss is a bank usually willing to take to unload? 10%?
Any thoughts?
Sean