Q: If a short sale property is listed at $169,000 but has a final judgement amount of $295,000, how much would you pay?
I am a new real estate agent in Tampa and I have an investor who wants me to find him a property that he can rehab.. I am really just looking to figure out how foreclosures and short sales work in the state of Florida. I am looking at a house where the house was auctioned off and is being sold by a bank for $169,000 but has a final judgement amount of $295,000. Any help would be greatly appreciated.
A: Short sales work the same everywhere. You find a property and make an offer to the bank who will tell you what price they are looking for (based on net funds to bank) and you can counter or match that. There is no formula what % they will take.
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