I saw a 2001 Dodge Dakota Sport Quad Cab (114K miles) selling for $8,000. I called the seller and he said he owes $8K and that’s what it blue books for. I can’t find any blue book value over $6500. He claims to be a motivated seller, depending on if the bank will allow him to short sell the truck. My question is 2 parts:
1. Is this a decent truck, assuming it’s in good repair/clean title, etc.?
2. How low can I go on my initial offer and still keep him interested?
The seller got hosed on the deal when he bought it. So he’s trying to offload the price of his mistake on you. Get the NADA, black book, and blue book values. Average them out and make an offer based on that figure.
No to first question…negates answer to second.
The bank will allow him to short sell as long as he’s willing to write a check for the difference between what you pay him and the amount he still owes. The bank just needs to get their $8K no matter how it happens.
The bank will not eat the difference between what he owes and what you buy it for.
Having said that, both you and he need to keep looking. Part ways, as it were.