I do a fair amount of SS, but not sure about taking this one. B of A has the first at 599K, and Wells the second at 300K. The FMV is probably 650-675K. What do you think Wells would take to approve?
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I bet they'd be thrilled to get 50K. It all depends... seller hardship, resources, type of loan, investor, etc. Seller participation might be required if not HAFA.
I would give the second trust lender an initial hud offering 6% of the sales price as their allowance. At the same time I would give the first trust lender a hud, with a 10% allowance to the second trust. Many first trust investors will allow 10% to the second trust. If the first trust lender reduces the 10% allowance, at least you tried...and the bottom line is you know the number they will give to the second trust.
Both short sales have to work their way through the system at the same time...if not, they will take forever to process. I follow the above formula, on all two loan deals no matter the loan amounts. At the end of every deal, the first trust will let me know what they will give to the second and in the last days of the negotiation I switch the second trust hud to the "approved" payoff.
Finally, the second trust lender knows you are "guessing" on the numbers until you get formal approval from the first trust so I would not concern myself to much. It is pretty frustrating that we as realtors are put in the position to "guess" what minimum percentage of a loan amount, the lender would be willing to accept. :)
Great advice!
Again..good advice! I too am in California..thanks.
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