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Yes I have. And yes, that is a ridiculous demand, especially for someone who is BROKE.
What state are you in?
Massachusetts. The property note is 1.2 million. The valuation came in at $490,000 (or the first counter from boa came in at that amount...I have no idea what the actual valuation came in at) the buyer's appraisal is $460,000. I spoke with the buyers and they are willing to go up. They are willing to go up the $50,000 + but are not necessarily willing to go over the appraised amount. Property is mold ridden with structural issues. I'm curious if I ask the negotiator if the buyers increased their offer the amount the investor wants, would they waive the deficiency?
The investor backing the note is BOA, NA
$5,000 to $15,000 usually, unless the financials don't support the short sale. Could be the ENTIRE short fall if the people have excellent income and assets in my experience.
I think it really depends upon the solvency and income. If the seller is insolvent and has no income or not enough income to support a soft note your seller should be in the clear.
yes, all of the investment properties I've closed that were shorts got full releases. and California's gov just signed a new bill that covers deficiency judgements for both primary and junior liens! yahoo!
Remember that this depends most on the state that the property is located in.
Yes, we get deficiencies removed in a deficiency state of Florida for investors all the time. Sometimes with no cash to close and other times with as low as $5,000 and $10,000. It depends on who the note owner is and what the investor's guidelines are on accepting losses from investment properties.
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