Posted by Gina on October 02, 2003 at 13:31:38:
Well, there’s a big difference between finding a potential deal and making it happen.
The combined total discount was $20K (including lender and 3 lien holders).
The owners were contemplating filling for bankruptcy protection, which would have delayed the foreclosure for the duration of the bk proceedings. Can’t be for certain, but I think that was in part what motivated everyone to negotiate, considering there was little chance of getting their money back any other way because the owners had no other assets. But it still took almost a month of going back and forth before we came to an agreement.