After speaking to Jim at the bank, I called RS. We decided that we had perhaps underestimated the property's after-repair value. We were guessing we could sell for $150 but maybe it was higher so we went to http://www.blockshopper.com/, a great website, again recommended to us by a member of the Nouveau community, to see which real estate agents were ranked highest in sales in Oak Forest.
We called the top three agents and asked for comps on our short sale and they all said the most we would get is low $200's. This meant our original estimate had been low and we needed to hear from our contractors to see if our repair guess was accurate. All three contractors gave us bids between $70-80k. These numbers meant that if we bought the house from the bank at $110 and put $80k in we couldn't break even.
The only way we could make the deal work would be if the bank accepted a lower offer and, quite honestly, there was no motivation on their part to do so. Unfortunately that meant a big disappointment to our home owner, but at least they know they exhausted every option. On our end we were a bit disappointed that our first deal did not pan out, but we learned a lot and picked up another short sale the same day we realized our first was not going to work!
Perseverance is definitely the key to making money at this, but a good education must proceed it. To see where I got mine visit http://www.newrichbdg.com/
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