Hi all. I know there is a short sale section on the forum and that this is a repost from there. I know that some members don't always look at both, and wanted to get opinions.
Please help if you can, or have any insight.
I am buying a short sale. Current servicer is Wells/American servicing co. All addendums and requirements have been met by homeowners. Now I am negotiating with the bank. My first offer was countered to what negotiator referred to as FMV. Is this "fair market value", or "full mortgage value"? It is very close to the mortgage value.
This offer was waaayy to high for me. I submitted 2nd offer. They responded with "investor wants 85% of FMV" also stated was that seller will contribute $5k to closing and $5k to escrow. This is where I am confused. It says "seller" will contribute! I happen to know that the people who lived in the house (abandoned btw) will not pay anything (I don't fault them). So, who are the "sellers"?
Last thing. On the "offer worksheet", it has a history of our negotiations. On the bottom line it lists the "net offer". Is this the figure that includes these "seller" contributions?, and/or does that "net" number include realtor commissions?
Thanks for any help and input. It will be verrrryy appreciated.