Some "friend" you have. If they are just a friend who is visiting, that will not leave and is not a tenant, what is to stop you from changing the locks and packing their things for them? It is your home and you are living there as well?. If you are collecting rent or have a tenant agreement, then you should be careful to make sure that you go through the proper legal eviction process.
The lender(s) on a short sale are, by definition, taking a loss. The first trust deed holder usually takes a smaller "hit", percentage wise, than the junior lien holders, who may only get pennies on the dollar.
If the first and second trust deeds are held by the same lender, there is often much more flexibility in price than when the loans are held by different lenders. If you are looking for a real bargain, look for short sales with those types of profiles.
Certain lenders are, at different times, more flexible than others. It all depends on how much inventory they have on their books, and the market demand.
Remember that markets are efficient. The buyers ultimately determine the value. High demand = higher prices. Lenders respond to the pressures of the marketplace.
Would you like a more personal, confidential discussion about short sales? I am a Certified Short Sale Professional Realtor, and would be happy to help.
Certified Short Sale Professional
Coldwell Banker Brentwood West
11999 San Vicente Blvd. Suite 100
Los Angeles, CA 90049
Blogging at: http://TheBremnerGroup.com/blog... more