Posted by JD on December 19, 2000 at 21:36:51:
in case it wasnt obvious, I meant to say ‘assignment of the 1st’ TD.
URGENT! 3 days to negotiate 2nd on short sale - Posted by JDenney
Posted by JDenney on December 19, 2000 at 19:30:15:
The good news is… I negotiated a $47,000 1st mortgage to $20,000. The bad news is… they gave me 3 days to close and I have not even started to negotiate on the $10,000 2nd.(city loan financial)This home is in foreclosure and the second will definatly be wiped out at sale. What is the best way to approach the second? Do I tell them about the deal with the first? What’s a good offer. Will they just release? ANY QUICK suggestions will be greatly appreciated.
Thank You, Jeff
Re: If you pull this off… - Posted by NJDave
Posted by NJDave on December 20, 2000 at 08:14:58:
You have a real future in this business. I’ve never, repeat NEVER heard about a first mortgagee negotiating short without dictating terms for the amount of any junior mortgagee’s recovery. I find this incredible. Is the short sale approval in writing? I would love to see it. Please fax it to me.
Re: URGENT! 3 days to negotiate 2nd on short sale - Posted by Ben (NJ)
Posted by Ben (NJ) on December 20, 2000 at 06:57:46:
If you are taking assignment of the first, why do you need to get the second, just wipe it out. If they pay you off you have made a big spread, if you wipe it out, it hasn’t cost you anything.
Can you look at my question above? - Posted by Stew(Ne)
Posted by Stew(Ne) on December 19, 2000 at 23:56:29:
Thanks. I would appreciate any info
Re: URGENT! 3 days to negotiate 2nd on short sale - Posted by JD
Posted by JD on December 19, 2000 at 21:34:56:
I am not sure what 'city loan financial" means. Not knowing what the property is worth, I would get an assignment of the 2nd TD for the $20k then just let it go to sale.
approved- yes, shooting from hip- yes - Posted by JDenney
Posted by JDenney on December 20, 2000 at 13:07:55:
I found it hard to get any info from those in the know on how to do a discount sale, so I just winged it. The first has faxed me an agreement to discount with closing and wiring instructions. I did not mention the second to the first because I did not think it would make a difference. I have not talked to the second yet because I didn’t know I should be doing that at the same time. I have got the date extended to the 28th and I hope to discount the second to $500 and have it listed on the hud as buyers cost. If you would like to help me out on some of the finer points that I am not aware of it would be greatly appreciated. 419-224-2841