We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
February 03, 2023, 04:42:44 am
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
February 03, 2023, 04:42:44 am
Home Help Search Calendar Login Register

Author Topic: Shorting Second with Sub 2 First  (Read 1342 times)

Offline gigig

  • Member
  • *
  • Posts: 44
Shorting Second with Sub 2 First
« on: April 08, 2008, 03:43:17 pm »
How do you proceed with shorting the second if the first does not need to be shorted?  What motivation does the second lender have to accept a short sale?  I have seen where the second lender wants a copy of the first acceptance letter before giving their acceptance.  Any thoughts would be appreciated.

Offline JDS

  • Member
  • ***
  • Posts: 252
Re: Shorting Second with Sub 2 First
« Reply #1 on: April 08, 2008, 04:25:41 pm »
Need more info.

Balances, ARV, BPO
My life would be a whole lot easier if I was stupid OR he who laughs first saw it coming OR if you make anything idiot proof, they'll just improve the idiots

Offline gigig

  • Member
  • *
  • Posts: 44
Re: Shorting Second with Sub 2 First
« Reply #2 on: April 08, 2008, 06:35:33 pm »
First is $204,000, second is 105,000.
ARV is about $250,000 in this market
BPO (not done yet) but other comps are between 235-265

Offline JDS

  • Member
  • ***
  • Posts: 252
Re: Shorting Second with Sub 2 First
« Reply #3 on: April 08, 2008, 07:29:48 pm »
Contact 2nd, offer them $1000, you have around $35K to play with minus repairs.

Tell them you plan to pay 1st, it's irrelevant to them.

If they whine, you may have to try another approach.
My life would be a whole lot easier if I was stupid OR he who laughs first saw it coming OR if you make anything idiot proof, they'll just improve the idiots

Offline purpleleaf

  • Member
  • *
  • Posts: 5
Re: Shorting Second with Sub 2 First
« Reply #4 on: April 17, 2008, 03:08:46 pm »
Their motivation is that if the house goes to the foreclosure sale, the second is wiped out.  They get nothing...nada!

 




SMF 2.0.15 | SMF © 2017, Simple Machines