Posted by tmykel on July 12, 2003 at 08:11:49:
It has been my experience that it is not uncommom for lenders to ‘short’ their properties up to 20%-30% of the existing lein on the property…expecially if it doesn’t clear the fire sale with an acceptable offer. You may get more or less depending on your location. Another option (of course) is simply to negotiate a ‘short sale’ with the lender directly. Either way, you should be able to get a discount off the existing note.
Hope that helps
Toney
shortsale - Posted by rich
Posted by rich on July 10, 2003 at 15:55:55:
I have been getting calls from my direct mail from people in foreclosure. most of these people have little or no equity. I need at least 60k equity in my deals because I intend to wholesale to my investors. My question is how much will the lenders discount their mortgages and what factors do they take into account when they decide whether or not to discount what is owed. Should I get involved with deals where there is little or no equity?