Deutsche Bank Short Sale

[takilma]

Never posted anything, but have closely followed this site for almost 2 years. I’m hoping someone out there can give me a bit of advice/input.

I recently put in a lowball offer on a short sale. The list was $275, I offered $220. It is my understanding that mine was the only offer; the listing has been active for 60 days. The bank (Deutsche) actually responded in less than 30 days! However, they countered with an amount that I am not comfortable with, payment or value-wise. The property is a townhouse in an older (~30 yrs) complex in Escondido, has never been updated, and needs work, although, for me, it is very liveable. Like units are listed from $304-$344, DOM up to 344+, all in better condition.

My question is, does anyone have any experience dealing with Deutsche? I have heard they are pretty intransigent. I know that they currently own at least 2 units in this complex, since last July, and seem to be more interested in getting as much money back as they can, rather than getting them off their books. Would it even be worth it to counter their counter? Should I stick to my original offer?

FWIW, I believe the unit is worth $220-$230 today, and I am aware that it is likely to drop in value to ~$190 in the next few years. I plan to actually live where I buy, for at least 10 years, so some exposure is inconsequential.

Any thoughts out there, other than that I should wait a few years? Which isn’t going to happen, as I need to move by July or August. And, yes, I currently rent.

Thanks all, for any comments, as long as they’re helpful and respectful.

[waterboy]

Go back to them somewhere between $225-$230k. If not accepted, then wait for the next opportunity. I bet by June you will find something nice in the very low $200s

[waterboy]

Go back to them somewhere between $225-$230k. If not accepted, then wait for the next opportunity. I bet by June you will find something nice in the very low $200s

[waterboy]

Go back to them somewhere between $225-$230k. If not accepted, then wait for the next opportunity. I bet by June you will find something nice in the very low $200s

[waterboy]

Go back to them somewhere between $225-$230k. If not accepted, then wait for the next opportunity. I bet by June you will find something nice in the very low $200s

[waterboy]

Go back to them somewhere between $225-$230k. If not accepted, then wait for the next opportunity. I bet by June you will find something nice in the very low $200s

[drunkle]

nothing useful, just ponderings:

wait a week or 10 and counter with a 10% discount. so your counter in a few weeks will be around 200k.

what would you do or think if the value of the place dropped as low as 125k? or even lower? 190k for a condo in escondido still sounds absurd…

[drunkle]

nothing useful, just ponderings:

wait a week or 10 and counter with a 10% discount. so your counter in a few weeks will be around 200k.

what would you do or think if the value of the place dropped as low as 125k? or even lower? 190k for a condo in escondido still sounds absurd…

[drunkle]

nothing useful, just ponderings:

wait a week or 10 and counter with a 10% discount. so your counter in a few weeks will be around 200k.

what would you do or think if the value of the place dropped as low as 125k? or even lower? 190k for a condo in escondido still sounds absurd…

[drunkle]

nothing useful, just ponderings:

wait a week or 10 and counter with a 10% discount. so your counter in a few weeks will be around 200k.

what would you do or think if the value of the place dropped as low as 125k? or even lower? 190k for a condo in escondido still sounds absurd…

[drunkle]

nothing useful, just ponderings:

wait a week or 10 and counter with a 10% discount. so your counter in a few weeks will be around 200k.

what would you do or think if the value of the place dropped as low as 125k? or even lower? 190k for a condo in escondido still sounds absurd…

[patientrenter]

drunkle: “what would you do or think if the value of the place dropped as low as 125k? or even lower? 190k for a condo in escondido still sounds absurd…”

To get an idea of how low this condo MIGHT go, just look up the price of it, or comparable condos, in 1996-1998. Add 40% for inflation.

Patient renter in OC

[patientrenter]

drunkle: “what would you do or think if the value of the place dropped as low as 125k? or even lower? 190k for a condo in escondido still sounds absurd…”

To get an idea of how low this condo MIGHT go, just look up the price of it, or comparable condos, in 1996-1998. Add 40% for inflation.

Patient renter in OC

[patientrenter]

drunkle: “what would you do or think if the value of the place dropped as low as 125k? or even lower? 190k for a condo in escondido still sounds absurd…”

To get an idea of how low this condo MIGHT go, just look up the price of it, or comparable condos, in 1996-1998. Add 40% for inflation.

Patient renter in OC

[patientrenter]

drunkle: “what would you do or think if the value of the place dropped as low as 125k? or even lower? 190k for a condo in escondido still sounds absurd…”

To get an idea of how low this condo MIGHT go, just look up the price of it, or comparable condos, in 1996-1998. Add 40% for inflation.

Patient renter in OC

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