[iypoon]

I visited a real estate agent who mostly services fairfield county and she says that typically in short sale negotiations, she can get a discount of 30-35% off the mortgage (20% off fair market value) of a short sale home.

Also, she said that REO's typically don't get as big a discount (usually 5-10, maybe 15 percent)

Is this typical in this market?

[AaronCT1]

I would say thats correct. As a real estate agent in the county myself. Usually many shortsales can go for 80% of the assesment...it all depends on the property, location etc. really though

[CTNYCT]

Can either of you expound on that, please? My husband and I are tied up in a short sale in Trumbull right now and I'm very curious as to what you mean about a discount off the mortgage.

And what is a REO?

Thanks!

[Stratford, Ct. Resident]

Originally Posted by CTNYCT

And what is a REO?

Thanks!

Real Estate Owned. It's the internal term that lenders use to signify a property that they've foreclosed upon.

[CTNYCT]

Thanks for answering. I'm still very interested in knowing about the 30-35% discount on the mortgage iyoon is talking about. My husband and I weren't given any information about anything like that, and I'd like to bring it up to the mortgage guy if we EVER hear back from the bank!