Short sale estimate

[Ken9876]

Anyone been requesed to give the seller of a short sale an estimate for electrical work to justify the loss to the bank?

 

[LarryFine]

I don't even understand the question.

 

[480sparky]

A short sale is when the owner of a property is in arrears in mortgage payments, and the loaning institution and the debtor agree to sell the property at a price below what is owed.

The lending institution loses money, but doesn't have to engage in legal proceedings to collect. The debtor doesn't get dinged on credit ratings.

What this has to do with electrical, I can only surmise that the buildings electrical system needs some serious work and the lender is wanting some sort of statement to back up their loss.

 

[norcal]

I was under the impression that a "short sale" was where a property was worth less then what was owed, & the lender accepts less then the mortgage amount in a sale.

More details from the OP is in order IMO.

 

[r_merc]

opinion

opinion

You can offer an expert opinion but I would want to get paid for it. If this is some thing for the file then they need to pay you for your time.

Rick

 

[cruzJD]

I have done these a few times and was contacted by the bank. They had a home inspector out and I had to meet with the inspector on site to go over his findings and give a detailed estimate for repair.

The bank ended up getting a cheap company to come out and fix it all.

 

[electricmanscott]

I have done these a few times and was contacted by the bank. They had a home inspector out and I had to meet with the inspector on site to go over his findings and give a detailed estimate for repair.

The bank ended up getting a cheap company to come out and fix it all.

I hope you were paid for your time.

 

[cruzJD]

We billed as a service call with helper and two hours of desk time.

 

[electricmanscott]

We billed as a service call with helper and two hours of desk time.

Like I said, I hope you got paid.

 

[c2500]

From what I have heard, the bank can, and often does, go after the difference in the money. Collectability is usually lacking though.

That from a banker I have done work for.

c2500

 

[Ken9876]

Thanks for the replies, I was asked to do one by the homeowner, this home is a total mess I came up with about $10,000, tons of homeowner work done. Kinda feel bad for these people, but then again they did it to themselves.