Replies to This Discussion

Permalink Reply by Karin Christa on November 14, 2012 at 8:10am

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.

Permalink Reply by Shane Collins on November 14, 2012 at 8:17am

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??

Permalink Reply by jacqueline lee on November 21, 2012 at 5:08am

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. 

Permalink Reply by Deborah Weiss on December 6, 2012 at 6:21am

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

Permalink Reply by Donna McClelland on December 6, 2012 at 1:27pm

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!