Well so far I've submitted 20 offers anywhere from 25%-50% below FMV. That was yesterday. Today I received news back that two(2) so far looked promising. One(1)that I offered 40% less than what they were asking($119,940) came back with "bottom dollar $169,000". But that's only about 15% below their original selling price of $199,900. Well I intend to send them another offer of $144,415(25% less) than their bottom dollar settlement. Either way I intend to get this property well below it's FMV and make sure that I have alot of equity left over in it. My other bid was on a property(small 3bdrm) that was selling for $49,900 and I bid (35%) below that for $32,435. They came back with this
The bank has rejected a few cash offers already, the highest being $44K. They will also only consider full PAR documents. As it is a short sale, we are unfortunately at thier mercy. If your client would like to try an offer over the 44K, i'd happily submit it on full PAR documents. Let me know.
-Dave" Well I intend to make another offer at 30% off the original selling price. What is the opinion of the professionals on here please? And also, what does PAR stand for?