Looking for info from members who transact real estate for a living.
AFAIK a short sale of an FHA financed home is bound by FHA rules on what the lender can accept as an offer. Before pandemic, I offered 140k on a short sale after calculating the minimum and going just over it. Waited months for a response from lender which was a rejection, then offered a little more one last time.
Fast forward to January, the house was sold at foreclosure auction to the lender for 135k.
Am I missing something or should the lender have accepted my offer per FHA rules? They would have made more in the long run.
Zillow says this dump is worth 250k, it needs 70k to 100k of work to get it livable again. Been unconditioned for 2 years in the rust belt. Barn half fallen apart, contaminated well. But Zestimate 250k
This post was edited by RedFromWinter on Feb 2 2022 08:44am