What Are Magic Words For The 2nd?
Okay, so you have a deal that falls into your lap but comes with a second. How do you guys approach the second. Meaning, what do you say, ask for, send over, explain in order to get them to discount the second. Also, is there kinda a ballpark that people stick to when dealing with the 2nd? Always try for x amount but never go above y amount?
So let's say the 2nd agrees, how do you close that deal even though you are still waiting on the 1st to respond? Do you make the offer payable contingent on the 1st accepting offer to buy?
Appreciate the replies,
SolutionsKid
(Man, it stinks being banned for trying to learn info 
When structuring shorts, you must first identify and control the junior lienholders (mortgages, judgment creditors, and other lienholders).
Then, once those variables have been identified, you can make your definitive offer to the first, or senior lien.
Generally, when there are juniors, the at risk juniors will take the hit.
say the F word- Foreclosure. The second will be wiped out unless he steps up and bids out the first @ sale. To get the first in line 1st riddle this: is the first FA, Va Fannie?
Fha U can only give 1K +1K incentive paid to the seller for the deal. If its a VA holding the 1st you maybe able to the 2nd whole as long as your offer with the second does not exceed 88% of the VA appr. value. if its Fanne they want you to wipe down the second to penny on the $. good luck..
We ussually start at 10% of the balance of the 2nd, and work upward.