ShortSalePro Et Al: Short Sale Question
This is my 1st attempted short sale:
1st mortgage $305k balance, payoff should be 313k (according to 2nd) or 330 (according to 1st's loss mit rep). I'll get payoff estimate in 2 days.
2nd $75k balance.
House is worth $350-370k, pretty house, no repair.
Both banks' drive-by BPO came back at 385k and 393k, even though I can find comps in the 330-350 range.
1st says her best offer is 315k (net to 1st), and I feel I have room to renegotiate. She further says she'd be willing to look at my own appraisal and adjust her offer. She would not order a 2nd BPO.
2nd is a big headache for me. He insisted they have over $65k equity in the house and they will not be wiped out at the sale and would be better off at foreclosure. I offered $1k (demanded by 1st), and he thought I meant to say $10k, and wouldn't budge at even 10k. I told my side of story of the house only worth $330-350k, but he told me they would just go by their BPO.
What can I do at this point? My bottom line price for the house is 310k. How should I approach the 2nd? If I can get the 2nd to go down to 10k, and the 1st to 300k, then it might still work for me.
Should I order my own appraisal? I hate to throw my own money at something that won't work.
Please let me know what you think. I really appreciate your help!
I responded to your PM. Hope it helped.