Help-short sale or quit claim?????
I have read Sharon and Dwan short sale course and I have done some short sales but I am at a loss. This is the situation:
My sellers parents are medically and financially unable to pay.
They owe 58,700.00 to the mortgage
and 27,400.00 to an equity loan.
The house retails for 85k. There is equity in the house to the mortgage, but an equity second to another institution, what do I do?
Am I better to short sale or quit claim, and catch them up. They are three months behind. 
The equity loan is a mortgage, too. They (the second mortgagee) would be the entity to approach for short sale consideration/approval.
What is it that you are trying to accomplish? What do the Seller's parents have to do with this?
ok- I apologize , let me make myself clear.
My sellers are an older couple:
They owe Home Equity: 58,700.00 (first)
They owe Household : 27,400.00 (2nd)
The house retails for 85,000.00.
I would like to know which to short sale first. Thanks!
When you use the term, "retail" do you mean that this is what the home is worth in it's as-is condition?
As an appraiser, I haven't had to include that word in my professional vocabulary, and I'm unsure exactly what you mean.
If the property has an as-is, fair market value of $85,000, the first mortgagee won't budge and demand full payoff. The second mortgagee should be willing to agree to accept a short payoff, or, you may be able to purchase the mortgage via an assignment at a discount.
Yes, fair market value. Is this deal too tight?
oo7icu,
It's great that the short sale pro is helping here but maybe it is just me that is having trouble follwing.
What is the big difference between the short sales you have done an this one that seems to be throwing you off base?
John $Cash$ Locke
I appreciate the help.. I guess what I am trying to do is ask- should I discount the second by taking it subject to and re-instating the first? This seems different in the sense that I have never short saled a 2nd. My first time. I know they will not accept a short sale on the first because they owe a little. So, I am going to start the short sale with the 2nd, but am a little nervous. Thanks in advance, you guys are the best!
Buy wholesale or don't buy. For me, there is not enough profit for the hassle. I'd move on.