Re: To Short Sale or Not To Short Sale
Posted by Orion on May 05, 2008 at 08:34:05:
In Reply to: To Short Sale or Not To Short Sale
Posted by Cat on April 29, 2008 at 17:23:32: Contact both lenders, with P/A and negotiate both p/offs. If the short sale is giving a certain amt,offer the second lender the same % as the first. Example $100,000.00 sales price. 1st mtg is $150,000.00 balance, 2nd mtg is $50,000.00 balance. Offer the first @ 50%, or $75,000.00, the 2nd @ 50% or $25,000.00, so divide the purchase price using the same fair equation.
The 2nd mortgage holder will have to be satisfied or they can still come after you.
Follow Ups:
- Re: To Short Sale or Not To Short Sale - steele in minnesota 18:06:30 05/06/08
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