I need some advice on how to structure anffer with Usaa as the second lienholder and Chase as first- please help !
My offer is list price of $ 349,900-all cash .
To be proactive , I have been ordering my own bpo in adddtion to my own so I know my value will be supported at $ 349,900. I am usually right on the money.
I have only done 1 other short sale with 2 loans, Homeeq and Litton as 2nd.
My real question is :
1. How much has Chase allowed on a payoff of a second ?
2. In view of chase being in first position, How much should Usaa be offered initially.upon submission of the short sale package.
Any suggestions are greatly appreciated.
AL Goldin
Miami,Fl.
Replies to This Discussion
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Permalink Reply by Amy Martin on
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Since you have an idea on the value of the property, you can say if you have extra monies to move around. Get ready to pad your deal.
I would first get a payoff demand on 1st and 2nd, find out the kind and type of loans you have, especially your USAA. USAA is known for pursuing defficiency, unless you settle with a 75% of the amount owed. If your goal is for USAA to release both lien and loan, you may need astronomical amount about 75% of the loan. If its release of lien. I would start with 5% and negotiate. Be ready for negotiations with USAA. Its all numbers game and be ready to show in numbers why USAA will benefit from your offer. Remember that they are not part of the TARP monies.
With my USAA short sales, I dont really see any compassion to sellers hardship and it has always been about how much money they can get.
You also need to know how much time you need for Chase to provide you with the approval. They have a delegated and non delegated approval. Chase is fast so long as you submit a complete package.
Good Luck! -
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Permalink Reply by Al Goldin on
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Thanx- I get it. I actually started lower than 5% since ihad heard how tough they are.
I have had great experience with chase just not when a second is involved .
Amy said:Since you have an idea on the value of the property, you can say if you have extra monies to move around. Get ready to pad your deal.
I would first get a payoff demand on 1st and 2nd, find out the kind and type of loans you have, especially your USAA. USAA is known for pursuing defficiency, unless you settle with a 75% of the amount owed. If your goal is for USAA to release both lien and loan, you may need astronomical amount about 75% of the loan. If its release of lien. I would start with 5% and negotiate. Be ready for negotiations with USAA. Its all numbers game and be ready to show in numbers why USAA will benefit from your offer. Remember that they are not part of the TARP monies.
With my USAA short sales, I dont really see any compassion to sellers hardship and it has always been about how much money they can get.
You also need to know how much time you need for Chase to provide you with the approval. They have a delegated and non delegated approval. Chase is fast so long as you submit a complete package.
Good Luck! -
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