I have a short sale where the offers are coming in well over list price and 1st's appraised value. It is looking like the 1st may not be short, but leaves nothing for a HUGE Bank of America 2nd (over $200K). Anyone had any experience with B of A on a 2nd? What kind of amounts are they willing to settle for? I just don't know if we can make these numbers work.
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ask for pay off demand on the first, submit 2nd offer 10% of debt - they will do a BPO or appraisal depending on value -
usually I got it at 10-15%. Their settlement department is rather sharp and cooperative.
Thanks Karin, unfortunately, that is what I was afraid of. Offers are coming in too high to short the first, but nothing left over for the 2nd. . . UGH! Advice??
My experiences with BOA 2nd have been very positive but I had enough left over each time. My suggestion is to submit the short sale offer to the 2nd and see where they would settle (either accept your offer or demand for more) and that way you know how to approach the buyer. That way you know exactly what price you need to get from the buyer.
I also have a 1st lien pay off in full and an approx 10% payoff to 2nd. BOA 2nd is requesting an appraisal be submitted-stating they DO NOT pay for the appraisal or BPO. BOA 2nd claims our contract price is too low for their estimated value, but would not say what or where they got the estimated value. I see a comment posted that BOa 2nd will do an appraisal, please advise who your contact was that provided that info. thank you all
Hi Shane,
I have had great luck with BofA seconds where the first isn't short. Just give them as much as you can above and beyond 10% of the balance and they'll take it (unless it's in collections and that's a different story). I had one deal where I got approval in one day!! Good luck!
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