Comment

Comment by DanaVoelzke on December 26, 2009 at 9:59am

ASC Short Sale Closed in Danbury, CT ASC Short Sale closed on owner occupied condominium
Offer received 7/19/09
1st mortgage balance $159,000 (ASC)
2nd mortgage balance $39,000 (Citi)
Property sold for $160,000

Comment by Kent Dills on December 17, 2009 at 10:35am

Mike, my experience on seconds is that they will take 10% and pretty quickly too. But mine have all be foreclosures scheduled by first lien holder that I had to get postponed. The scheduled auctions have been used to leverage/increase the motivation on the seconds.
Has your file/property been scheduled for an auction yet?

Comment by Kent Dills on December 17, 2009 at 8:12am

Mike, how much was the full loan balance on the 2nd lien?

Comment by Kent Dills on December 9, 2009 at 4:46pm

Sounds like the normal process at Wells Mike. They're the best bank to work with in my experience. And congras to you!

Comment by Guy Lofts CRS on December 8, 2009 at 7:22am

Wells short sale approved in 5 weeks. Wells asked to take a hit of approx 50% acted promptly to request additional docs and came up with a very quick final decision. Thanks Wells and Dan.

Comment by Kent Dills on December 3, 2009 at 8:30am

Dawn, Amy and Dana are all on the right track. I'm still curious about how much the balance is on the second though.

Comment by DanaVoelzke on December 3, 2009 at 7:36am

Lizette,
Most short sale deals with a first and a second start out with a small distance (less than $5,000) between the first and the second. You have to negotiate it out. Most of the time it is possible to work it out, same as you would work out a $5,000 difference between buyer and seller. You don't want to resubmit to a new negotiator and start over, try to stay and fight it out!! Maybe the buyer can bring some more money, or maybe the sellers can contribute a note as Dawn said below. There has to be some place to squeeze out some money when you're that close. Maybe everybody kicks in a little. Just my opinion...

Comment by Anna Mackey SDHS on December 3, 2009 at 7:31am

Lizette,
Will the buyers be willing to contribute some $$$ ?

Comment by Dawn Barrier eXp Realty Vegas on December 3, 2009 at 7:27am

Lizette, can the sellers do any note or contribution?

Comment by Kent Dills on December 2, 2009 at 11:24am

How much is the second?

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