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Wa2gib, Home Buyer in Byram Township, NJ

How do you deal with a short sale property that has two lien holders. Primary is the bank and the secondary is a private company;

Asked by Wa2gib, Byram Township, NJ Thu Jan 24, 2013

that purchased secondary loan.
The bank is willing to negoate but the second lien holder wants full price. It cost me $375 in legal fees to find out the secondary is only allowed $2000 according to HUD. .
Since then the property was taken off of the market. I suspect inside trading. My advice stay away from Short Sales and also Foreclosures

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5
Ron Thomas’ answer
You might check it out; the 2nd Lienholder may be only allowed $2000, but that does not mean that they have to ACCEPT it; they can probably just hold everything up, forever.
I have seen little success with Shortsales when there are 2 Lienholders.
Good luck and may God bless
0 votes Thank Flag Link Sat Jan 26, 2013
0 votes Thank Flag Link Sun Apr 14, 2013
I specialize in Short sales and I definately recommend that you begin negotiations with all lien holders from seller contract acceptance.
0 votes Thank Flag Link Sat Jan 26, 2013
I partner with a short sale specialist that handles the bank side of the negotiation whether dealing with a buyer or a seller. It expedites the process. Short sales and foreclosures can be an excellent opportunity to get a fabulous property at a huge discount, but you need to hire agents with short sale experience to insure a smooth transaction and to avoid paying additional fees. My short sale team doesn't charge the buyer or seller.
Patti Leonard
Red Key Realty Leaders St. Louis
patti@redkeystlouis.com
314-283-3147
0 votes Thank Flag Link Thu Jan 24, 2013
Stay way from any deal that sounds fishy. There are plenty of deals in the real estate market right now.

However, many foreclosures and short sales WILL have two lien holders due to home equity lines of credit and loans.

Also, properties can be taken off the market for numerous reasons, including the owner making restitution, reconciling their loan and or balance due. Or the listing agreement with the agent expires, or the bank has taken ownership away from the seller negating a listing relationship or taken off to do repairs, or be rented, etc.

Find an experienced short sale/foreclosure, licensed Realtor and or attorney to help you.

Good luck.
0 votes Thank Flag Link Thu Jan 24, 2013
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