Re: Short Sale

Posted by Ray on February 23, 2005 at 08:01:43:

In Reply to: Short Sale posted by Jeff on February 23, 2005 at 00:00:53:

: I'm trying to purchase a property for $550000 which has the following outstanding debt:
: 1st-$559000
: 2nd-$100000
: 3rd-$150000
: 4th-Constuction lien-$43000
: 2004 property taxes-$7000
: Still trying to get a hold of the first holder, but have not been successful. My realtor was able to talk the 3rd into signing off on the $150, but the 2nd is claiming to want to buy the property and resell to recoop their loses. I always thought that banks were in the banking business. Is this bank just playing hardball? Supposedly, this 2nd has an appraisal for $850 and believes they can get it. This property has been for sale since spring 2004, starting at 850 and going down to 599. I have been the only offer on the property. Still wondering why realty company lowered price if short wasn't lined up, but just curious if anyone has any thoughts about what this 2nd really wants or would accept and the chances of the 1st coming down from what they are owed so we can satisfy the 2nd.
: Thanks in Advance!

The way that works is the 2nd morgage lender is paying the 1st morgage note each month so they will not lose their money and they are going to sell it and recoup all their mony including the payments theyare making to keep the 1st mortgage lender from locking them out.
If they continue to pay off the 1st mortgage off they will own the peoperty anyway.

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Comments:
: : I'm trying to purchase a property for $550000 which has the following outstanding debt:
: : 1st-$559000
: : 2nd-$100000
: : 3rd-$150000
: : 4th-Constuction lien-$43000
: : 2004 property taxes-$7000
: : Still trying to get a hold of the first holder, but have not been successful.  My realtor was able to talk the 3rd into signing off on the $150, but the 2nd is claiming to want to buy the property and resell to recoop their loses.  I always thought that banks were in the banking business.  Is this bank just playing hardball?  Supposedly, this 2nd has an appraisal for $850 and believes they can get it.  This property has been for sale since spring 2004, starting at 850 and going down to 599. I have been the only offer on the property. Still wondering why realty company lowered price if short wasn't lined up, but just curious if anyone has any thoughts about what this 2nd really wants or would accept and the chances of the 1st coming down from what they are owed so we can satisfy the 2nd.
: : Thanks in Advance!

: The way that works is the 2nd morgage lender is paying the 1st morgage note each month so they will not lose their money and they are going to sell it and recoup all their mony including the payments theyare making to keep the 1st mortgage lender from locking them out.
: If they continue to pay off the 1st mortgage off they will own the peoperty anyway.


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