SS In Progress
I just wanted an opinion on my SS. Seller has hardship, He owes $109K on two mortgages, 1st is $80K, second is $29K, total $109 to clear title, our buying agent put in our original off of $95K with all necessary forms. My $95K satisfies 1st and half of second. Do you think we have chance? 1st mortgage holder sounded positive and agent said that the 1st would work with the 2nd. Bank said 45-60 days for a decision. We are patient.
Not bad. I really like seconds because they have so little power. Not that I am a bully or anything, BUT I would treat them more like a little punk. Push them around a little.
Let them know that there is a possible foreclosure, or even a bankruptcy coming down the line. They will get a little nervous. But let the second know that you will buy their 2nd position for about 3k. If they counter at even 10k, you can do the deal and you made more money.
Then I would go to the first and let them know the same thing about the seller and ask if they would discount the first 10k, maybe they will settle on 5k discount.
Either way, go directly to the lenders and try to work deals with them. Most real estate agents, in general, are not very savvy in negotiating with banks in this type of situation.