Working A Short Sale
I am new to investing and I'm am currently working my first Short Sale. It is for a couple who filed Ch 7 Bankruptcy. The trustee released the Home for sale because there was no equity in it. The House is valued at 200,000.00 With a First of $155,000.00 and a Second of $42,000.00.
I am attempting to Short the second with Bank One. The requested a Short sale Package which I am putting together. When I informed them that they were at a lost the Lady in Lost Mitigation stated that "thats not true" and that they would consider my short sale package and if not they would see me at the Sheriff Sale. I don't want to mess this up.
First is this a good deal (I think it is... In top condition this property may appraise for 225,000.00) . Secondly I was not prepared to submit a Short sale package to the second Lien holder. I would appreciate a little direction or else I'm just going to push through it and learn as I go.
Not really sure what you are asking... but if you want the second to consider accepting less than they are due... you'll need to devise a compelling, and fact driven Proposal... if they've already furnished their boilerplate application... that's a start. Now follow that up with your compelling Proposal.. and convince them why it would be in their best, financial interest to accept your Proposal rather than go to Sheriff's Sale.
[addsig]