How Many Pennies On The Dollar To Offer?
Q: Looking for an "average" offer on short sales and the percentage of acceptances by banks.
Q: Which banks tend to accept the lowest offers? Any experience you want to share?
Thank you !!
If you're talking 1st mortgages, my experience, and that of others I've spoken to, seems to be about 80% of the As-Is value. Of course, it's your job to help the BPO agent see that value the same way you do. And there are ALWAYS exceptions to the rule.
2nd mortgages are much more likely to take less--especially if there's not much chance of them getting anything when the 1st forecloses. I'd make an initial offer of 10% of the amount they're owed.
Why would a 1st lien holder accept a discounted payoff if there is a second and you are willing to pay the second - say 10 cents on the dollar?
I'm new to this, but would think that the 1st lien holder wouldn't take a discount payoff if there was any money going to the second lien holder...
Am I mistaken --- thanks !!!!
I beleive that the first mortg. holder is not concerned with the second holder, they should only be concerned with what there getting and that the seller isnt making any money on it. in most cases if a forecloseure happens all other lein holders but the first are wiped out. hope this helps.