Need Short Sale Advice X 2
Arrrgh! OK, these banks are being crazy. I spoke with a repesentative from someplace on a home that has comps listed and sold in a reasonable time for $102K. Beyond the fire damage and $10,000 in other repairs, there is money owed for assessments and taxes. I offered a generous $70K, and got shot down, even after the negotiations. They want $95K. Ha ha ha. It's now been on hold for a week. Any suggestions?
I also have a first lender that won't bend "because the second lender should". They will, but any less than 50% means that the gentleman I'm dealing with will get a judgement against him. They said to get the money from the resident. Hello!!! Why is he in foreclosure if he has cash to spare? They want $55K, half of the second is $8K, a lien exists in the amount of $3K, plus $1K for taxes and $2000 for repairs needed. The FMV when complete is $72-75K. Should I bite the bullet and cut the profit on this, or will they bend to the $46K I am offering? Any ideas on this one? 
[addsig]
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