“I am having a problem on a short sale and would like to know how to avoid it next time. The first mortgage gave me a price and a net they would allow.
The home sold for enough money to get them the price and their minimum net they said they had to have. We put together the closing statement with the first receiving what they wanted and the second mortgage receiving $9,600.
The second had asked for $15,000 and are saying that they won’t accept less than that. Any suggestions on this one? What would have been a better approach? Maybe offer the 2nd a smaller amount to start?
I used the same HUD to present to both, getting the firsts approval first. Please advise. Bonnie.”
Here was our answer to Bonnie’s Question. Here is what I would do to avoid this in the future. Put together two separate closing statements, one for each MTG company.
The first mortgage would see a proposed closing statement with $20,000 going to the second mortgage. Meanwhile the second mortgage would get a proposed closing statement with them receiving $3,000 and the rest going to the first mortgage.
Obviously they are going to get the same HUD at closing. But, you start negotiations with each mortgage company thinking that the other mortgage company is getting a huge sum.
You meet in the with the final closing statement. They will both be happy because they are getting more than they had originally expected. Now, what can you do now to close this short sale?
This second mortgage negotiator is being a little unreasonable. Most second mortgages only receive $3,000 normally. They should be more than happy receiving $9,600.
Remind them that they get zero in a foreclosure. Show them the docket status for the foreclosure case. If the house is close to foreclosure, then you gain more negotiating power.
Another thing to do is get both of the negotiators on the phone. Have them hash it out between each other. That worked for us on a deal before and it might work for you too. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at email@example.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823
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Thanks for reading this, Chris B Johnson, Realtor
Chris is a Real Estate Agent at Prudential California Realty.
Phone: 805-208-0823. firstname.lastname@example.org.
Certified HAFA Specialist, Certified Short Sale Specialist, Certified Distressed Property Expert
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Chris B Johnson provides HAFA Loan Modification and short sales help, Short Sales in Moorpark, Short Sales in Thousand Oaks, Short Sales in Westlake Village, Short Sales in Newbury Park, Short Sales in Camarillo, Short Sales in Santa Rosa Valley, Short Sales in Somis, Short Sales in Lake Sherwood, and Short Sales in Simi Valley California. Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Specialist , Realtor, Moorpark Short Sale Specialist , Realtor, Short Sale Specialist , Realtor, Ventura County CA Short Sales. Stop Foreclosure in Ventura County, Certified HAFA Specialist, Moorpark Short Sale Specialist, Thousand Oaks Short Sale Specialist, Westlake Village Short Sale Specialist , Newbury Park Short Sale Specialist, Camarillo Short Sale Specialist , Simi Valley Short Sale Specialist, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Ventura County Foreclosure Help, Moorpark Foreclosure Help, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP. CA. DRE 10501699.You can find Ventura County Short Sale Specialist, Realtor, at 587 W. Los Angeles Avenue, Moorpark, CA. 93021Chris also specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County Short Sales. Ventura County Short Sale Specialist, Realtor, Short Sale Specialist, Realtor, Ventura County CA Short Sales. Ventura County Specialist, Realtor, www.theshortsaleguide.com , Certified Home Affordable Foreclosure Alternative Specialist . Always check with a good real estate attorney to find out the laws in your state. There are also legal aid non profits that can give you advice on what to do to stop a garnishment or bank account seizure. You should also look at California SB458. With the passage of SB458, the Expanded Anti-Deficiency Law May Have Unintended Consequences on Ventura County Short Sales. So Please read http://venturacountyshortsalerealtor.com/?p=948.
For Disclosure, and more information on Mortgage Assistance Relief Services, please see Code 16 of Federal Regulations (FTC), Part 322, or , http://www.ftc.gov/opa/2010/11/mars.shtm and always consult your CPA, Accountant, Financial Advisor and Attorney before you any financial or legal decisions. Also seehttp://venturacountyshortsalerealtor.com/?p=1066.