Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hi and welcome to JA. Ray here to help you today.
Lawyer is telling you this is what the bank would try to recover here in a sale.They would not necessarily get this, but would start there and see what offers they get closest to this figure.I suggest you offer them what you feel it is currently worth in current condition and see what counter or response you get.I wouldn't offer more than you feel it is worth.It appears you have done your home work.
Realistically this is troubled property, anyone buying that may offer less than the $275 figure.Often the bank starts here and sees what the market will bear.I think the lawyer here was telling you bank likely will start here--if you want it this is the amount they will try to get.Again you can offer less, you might get outbid but then again they might accept.Offer what you feel it is worth and go from there.
I live in such a foreclosed home that the realtor ran in the newspaper after I bid because he thought there was no way HUD would accept my bid.He was wrong.See how it goes here at the figure you are comfortable with.You never know.
I appreciate the chance to help and offer a different perspective.Thanks again and Happy Easter.
Well that's a different issue.Medicaid likely woul,d not have a problem with it since the lender has to approve the short sale.I sure wouldn't offer more than you think it is worth here.See what they say about your offer.Honestly you might decide it isn't worth the hassle here since she has to spend down any surplus funds anyway.
Thanks for your patience.
If you can positive rate it is always much appreciated.