Topic
I have a short sale and there is a second mortgage.
Question#1
How should the contracted be stated in other words should I have one contract stating bank A gets x amount of dollars and bank B gets x amount of dollars in one close. Or do I have to have 2 contracts one for bank A and the other for bank B ?
Basically should it be one or two seperate sales contract?
My quess is one… I could be wrong
Please help ???
What is FMV? FMV = Value of property on market + RE fees + Escrow fees + critical repairs (if any)
If the first falls below FMV they will only allow the second to take 1K to release the note. If the first falls above FMV then they will only take the amount owed and you have to negotiate with second to get their note to point where you will make a profit. If the first and second fall above FMV you no longer have a short sale.
Naturally it doesn’t hurt to ask, but don’t expect them to give up any money if they can possibly avoid it.