Asked by Andre Cilliers, Hilton Head Island, SC • Tue Jan 20, 2009
My SC Seller Client has an investment property listed as Short Sale for $525k. Two mortages, 1st for $275k, 2nd for $325k. We received an offer for $275k with buying agent stating that offer is worth $600k because 1st would be paid off and 2nd would be discharged because offer was for no more than the 1st mortgage. Agent states that if offer was for even $1 more than $275k then Seller would face default judgement for 2nd of $325k. Has anyone heard about this type of situation? Is there any truth to this statement? Any advice will be greatly appreciated. Thank You. Andre' Cilliers. RE/MAX Island Realty, Hilton Head Island. SC firstname.lastname@example.org
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