My First Shortsale Attempt--Please help
Hi, I'm attempting my first shortsale but I think I need a little bit of clarification. I have read through Dwan & Sharon's course materials already. Here are the figures:
1st: 132,000 (includes backpayments)
2nd: 6000 (this is a small business loan and they secured against the house with a deed of trust)
Tax lien: 7500
My question is this, if I write up the contract with the seller and try to short sale the first, what purchase price do I put on there? Do I include the amount that I want to shortsale on the first + the amount of the 2nd + the tax lien amount of 7500? I'm also confused about the 2nd that is owed because that was money for a small business loan. Can I call them and try to short sale that as well? And if so, do I send them the same contract as I sent on the first? I'm also not sure who is responsible for paying the tax lien. For you all short sale pros, I would appreciate your help. Thank you.
I am no expert but i would deduct the 2nd $6000 and the tax lien $7500 from whatever you are willing to pay for the house. you might be able to reduce the second but the tax you will have a very hard time reducing that.
Hi! My approach would be to get the deed from the seller, and draw up a purchase contract with him for $100 for his equity and contingent upon your negotiatiing a satisfactory short sale with the lender. At the time of starting negotiations with the first mortgage holder, I would send a letter to the second mortgage holder and offer a small sum for the payoff, explaining the property is in foreclosure and his alternative is to be wiped out.
Bob