i should've listened to dwan...
dwan said dont tell the first about the second but i did it anyway.... and i'm regretting it. now the 1st is saying that they wont sign off unless the 2nd makes no more than 2k and the 2nd wont agree to anything less than 3.5K (they are owed 25K). i've tried everything with the 2nd. she says it is fine if it goes to the courthouse steps but they will not settle for anything less than 3.5K. seems they prefer to make zero later to a guaranteed 2k now and it is for sure they wont get anything at the sale either bc this is one of those 125% loans. lender just seems angry at the homeowner and cant get over it to do a deal with me. meanwhile the first cant get over the second making more than 2K. HELP what do i do with these folks???
$1500 is a paltry amount if you can make some money on the property upon resale. I would never walk from a deal I can make money on for a mere $1500 difference. If your margins are very thin its probably best to walk from the deal altogether.
If the deal is good then why not offer the second a $1500 note due in six months with attractive rates if they will accept $2K on the current paper work. They get there full $3.5K and the 1st is happy because they got what they want. Wow that sounds creative and everybody is happy. ONLY if there is enought to cover the cost.
John Locke....does this sound like a possible way to do this deal.
Hell I'd put $1500 on a credit card if I knew it would yeild $20K.
Why don't you just purchase the 2nd for 3.5k and have them assign you the lien. That way the 2nd will not show up on the hud 1 at closing.
Tom
traveler,
I doubt if the lender holding the second thinks creatively. I'm sure they want their money to release their position, otherwise they might secure the small note with the property then you are back in the same boat.
I do short sales when they make sense a little differently than most people are taught, so I should just keep my opinions on how to really get the lender to take your offer to myself.
John $Cash$ Locke
John, that is what is great about public forums. Everyone can speak their opinions and everyone benefits from the exchange of new ideas. Please don't be so diplomatic and give us some details on how you make your short sales more attractive. I for one am always excited to learn other ways of doing something. It can only benefit me as an investor to look at more than one way to accomplish a particular goal.
All ears,
Tom
Quote:
On 2003-06-05 01:33, tbelknap wrote:
John, that is what is great about public forums. Everyone can speak their opinions and everyone benefits from the exchange of new ideas. Please don't be so diplomatic and give us some details on how you make your short sales more attractive. I for one am always excited to learn other ways of doing something. It can only benefit me as an investor to look at more than one way to accomplish a particular goal.
All ears,
Tom
John,
Ditto.
clear2close
[addsig]
John,
I'm with tbelknap. I would love to hear your opinion about this situation, and am getting desperate for creative solutions. If you have a different approach or way of thinking about this, please do share it! Was going to talk to the lender this morning with traveler's idea, to offer the 2nd a $1500 note if they will accept $2k on the current paperwork, to make up the $3.5K they are insisting on.
However, I'd like to wait to hear your take first. Look forward to hearing from you!
Many thanks!
i dont think the bank would accept a $2000 with a $1500 iou . they may assign the note for the $3500.00...if they dont accept the $3500 assignment offer $4000.00....