Value 70k, 1st is 93k, 2nd is 14k - Posted by Jonathan

import · August 25, 2003, 3:06pm

Posted by Dave in NOLA on August 26, 2003 at 14:37:17:

$500, but don’t let them know what you’re giving the 1st or they’ll want a piece of it.

import · August 25, 2003, 3:06pm

Posted by Jonathan on August 25, 2003 at 15:06:26:

hey fellow investors,

here’s a short sale we’re working on… the house is worth about 70k. The 1st is foreclosing. The payoff for the first is 93k; we got it discounted to 48k.

The payoff for the 2nd is 14k. I really don’t want to give them anything as they won’t get a dime if the 1st goes through the foreclosure… but they want something. What should we offer? Are there other strategies we can consider?

Thanks.

import · August 27, 2003, 11:22am

Re: Value 70k, 1st is 93k, 2nd is 14k - Posted by Gavin Wilkinson

Posted by Gavin Wilkinson on August 27, 2003 at 11:22:31:

BUY the 1st position note for 48k and keep foreclosing. If the owner pays you off, take your 93k to the bank and be happy. If the 2nd does not take…oh about 1000-1500 finish the foreclosure and cut him out of the picture.