S Sale Experts..Need Advice
Have meeting with appraiser this Am on property. Have already sent comps to 1st lender.
Problem is the 2nd won't cooperate. 2nd is $9000 and have buyer who offered them $500. Have talked to them several times. Last conversation was that they were going to garnishee wages of owner. I have not been anxious with them and let them set their own pace but it is getting down to crunch time.
What is best way to handle second?
All responses greatly appreciated!!
To my thinking, you don't give nearly enough info to make an informed comment. Values...hardship....
What I can infer is that the second is not too concerned with their security position and will seek to enforce the Note via garnished wages. Perhaps this is their standard method of operation. What have they done in the past? If this is their business practice, then you must have a compelling reason for them to deviate from what has worked for them so far.
Try to project the amount of wages the second could collect... and project how long that 2nd would need to collect the $9,000.
If $500 doesn't make them jump for joy, make accepting an increased lump sum NOW preferable to a wage garnishment..
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Short Sale Practitioners can't predict, or guarantee results... but can take steps to insure the likelihood for success....[ Edited by TheShortSalePro on Date 04/29/2004 ]
SS Pro..Sorry for lack of details..
1st is $71,000
FMV is $72,500
2nd is $9000
ARV is $85,000
Repairs $10,000
Seller is 4months in arrears($4200 total) on both and have an offer to first for $50,000 and like I said the second won't budge.
Any suggestions? or compeling reasons to 2nd that you've used.
bump
I think SSP was asking their current financial situation and ability to pay in the future, also.