What is your professional opinion on this?
OK, here's the deal:
My wife and I decided it was time to buy our first home. Unfortunately, the only house we could both agree on is a SS. But since we're not in a huge hurry, we figured we might as well make an offer. Here are the details on the property:
Advertised at about $445k
Average value based on online appraisal tools: $450
Amount owed on 1st: about 370K (Wells Fargo)
Amount owned on 2nd: about 70k (HSBC)
We offered 400k and the seller accepted.
A few days after the offer went to the bank, Wells asked us to sign a 60 day closing addendum. That's about it so far. The seller is using a loss mitigator who seems to be very competent.
So, what do you guys think the odds are of us getting this house? I know you don't have any crystal balls, but I'd like to hear some professional guesses.
Replies to This Discussion
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Permalink Reply by Joseph Alfe on
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If the negotiator is competent, I' say your offer is realistic and chances are high of success. keep us posted!
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Permalink Reply by Jackalope on
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Exactly. HSBC is the wild card. I've read that seconds are only offered between 1000 and 3500 by the first most of the time. Not sure what WF will offer since there would be about 30k left over from their payoff.
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There should be no short sale submitted to WF at all. Only to 2nd. getting 20K-30K to the second should be enough
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That's what I'm hoping. But we'll see if everyone involved sees it the same way. The realtor and loss mitigator both seem pretty confident though. But they probably need to act confident all the time just to keep people from backing off.
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"The buyer (you) might to pay to the second to get this done?"
Sorry, but I don't understand what you're saying here. Can you explain that a little?
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its common practice. If the first lenders contribution does not cover the required amount, then the money has to come from somewhere. Typically, I get it from the buyer if the seller does not have the funds.
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Permalink Reply by Tara Samney on
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Do you have an agent- if not you need one. Good luck trying to pay to the 2nd. I've never seen it fly on a HUD once 1st reviews- but have heard on here Bryant Tutas has closed them putting it on the buyer's side. My 1sts have all rejected that. The problem is if the letter by the 1st disallows more to be paid to the 2nd. It has to be renegotiated and no guarantee a consensus will be reached. 2nds can be tough.
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Why do I need an agent? I know what I'm willing to pay, where I want to live and what my timeline is. I haven't had a lot of success with realtors in the past. I think I'm probably the most qualified person to represent myself in this case. It's not rocket science, and all the info I need is available if I'm willing to do a little work.
As far as negotiating a settlement on the second lien, well, that's why we've hired an LM specialist. I checked his references, and he has a good track record of getting banks to play ball. Of course, there are no guarantees, but that's what he does and he seems to be pretty good at it.
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