Really unsure of the direction here and hopefully someone can fill in the blanks.
1. 1st Indymac (now OneWest) and balance is under selling price
2. 2nd PNC (is HELOC) will most likely clear 8-10k at sale on a 50k balance.
Talked to Indymac today and they said no need to short sale with them since they will be made whole.
Is this true?
PNC would most likely then need to get a short sale package ready and submitted.
Any issues with this plan of only with PNC?
Should I have the offer ready and in hand for this deal for the short sale?
Can a realtor who will be taking both sides of the deal be able to lower commission? Have heard this may stall some deals as being "not at arms length."
How well has PNC been with this process for a Michigan property?
-Sam
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Replies
PNC can be very difficult. I would start communications with them asap to try and get a feel for what it will take to get them to settle.
If the 8-10k is not enough then you will need to pull IndyMac into the deal.
Personally I feel it's best not to double side short sales. Too much risk for tyhe homeowner and possible liability for the agent.