Real Estate Short Sale Question

Question

A VERY comparable home in the neighborhood, actually two homes down from us, foreclosed and an investment company purchased it for $300k and listed it for $339k. We are trying to short sale our home currently. We owe $410k on our loan and are big time upside down. I lost my job last week so we can no longer make payments. Do we stand a good chance at the bank approving a short sale for somewhere around this same price ($300k)???

Answer 1

The banks have 1 employee for every 1,000 short sales. I am having no luck getting anything accomplished.  Ask if you can sign a deed to the bank today.  THen you are done.  Don't let the house sit empty. If it is vandalized while you still own it, you are liable.  Protect the house right up until the last minute./

Answer 2

If  the house down the street sold for $300k, you might have a good chance. The bank will take the sold price into consideration.