Is it worth the trip to the courthouse?
The deal was:
ARV 105k
1st Mtg Payoff 53k
2nd Mtg appx 38k
1st is in foreclosure and will not do short sale because they are VA (Why?). 2nd refused my offer of 5k, 8.5k, and finally 15k. Said they needed 21k. I could not make it work with 21k and the needed rehab. I stated that they could be wiped out next Tuesday and they stated they would protect their interest by having their attorney/rep bid on 1st at courthouse steps. I guess they can comfortably bid up to the 2nd mortgage amount to protect their interest. Is it worth the trip to the courthouse on this one? I already payed for a title search and have spent a good deal of time on this one.
[ Edited by jokricin on Date 02/27/2003 ]
I would never put too much work into these unless the lenders came back with what I wanted to hear. I would take the seller's word for it regarding liens and run my title AFTER I got a signed contract from the seller and acceptance from the bank on my short sale offer.
The banks don't want to deal to make it worth your while. It sounds like you are getting too emotionally attached to this deal. This is something that an Investor should never do in my opinion. Let it go and move on to the next.
That's my take on it