Does anyone has excel calculation sheet to compare foreclosure vs. short sale which one will net the lender more money? I have heard that many many times from the negotiators. They have a formula to calculate either short sale or foreclosure will give them more money. If foreclosure will give them more money they will deny the short sale ( because they will get paid from the MI). If short sale generate them more money they will approve the short sale. where can I get the calculation comparison between foreclosure vs short sale? I know each bank is different but don't they have a general guideline ?
Any thought? Thank you.
There is no formula for short sales vs foreclosure. The numbers that are used is that it cost's between 25,000 to 50,000 to foreclose on a property. The major decision for the lender is to determine current market value and each will do its own calculaions to determine if it is more cost effective to do short sale or foreclose. One of the issues currently is getting an accurate market value the majority have been inflated which gives the lenders incorrect data to make there decision.
Hi Kendra! I do have a form that was emailed to me when a negotiator from Citi and I were going back and forth on a gazillion revised HUDs as we were having a "spirited" convo about net proceeds. He sent me something that is not on excel but it does shows a side-by-side comparison of the following columns:
REO / Deed In Lieu / Short Sale Projected / Short Sale Actual / Modification
I'd be happy to share with you and anyone who's is interested. However it will take someone who is pretty savvy on excel to convert it so we can share for best practices and tips in negotiating. You can email me at firstname.lastname@example.org
Thanks for bringing this up as I had forgotten about it :)
Thank you soooo much. I have sent you an email already. In case if you don't get it. here is my email address, email@example.com. Thank you.
I would be delighted to receive a copy from you at Lucia.WilsonC21@gmail.com
Hi Cindy! As soon you find a copy, may i kindly have a copy as well? Thank you :) firstname.lastname@example.org
Thank you very much. Would you mind also email me one? email@example.com.