Another short sale flip flop.

Foreclosures, Short Sales, Tax Foreclosures
1

This one had a first for 96K inclusive of all fees etc. and a second for 22K. The second did not want to entertain my offer for 6K above the first. My FMV on the prop AS IS was 125K. It did not need much work if anything. And this is in the foreclosure capital of the world. Atlanta. Which has 5-6K foreclosures a month!

Long story short, the first foreclosed and has it on the mkt NOW for 130K! I will support all inquiries with the real facts if asked. THE SECOND TOLD ME THEY WOULD NOT ENTERTAIN AN OFFER BELOW MKT VALUE!!!

That’s the SECOND, not the first!!! Get it people!!!
All of you that think the second is going to fall away, good luck. It’s a bunch of crap.

Now I am waiting to see if they (the second mtg holder) sue the owner for a deficiency in the foreclosure sale which went for 96K. Because I can’t understand why they would walk away with NOTHING. I told the owner to anticipate this and they they are ready to file BK if and when that happens.

This was a medical problem. And the greedy lenders just don’t care.

EH

2

Some seconds don’t even know, nor care, what market value is… they sometimes don’t even need a BPO. Not to mention, most courses and people that do short sales for investment purposes know that a home that needs little or no work are not the type of short sales to go after. They are the damaged properties in need of rehab.

“I think the first has some kind of agreement with the second to give them anything they get above what they are owed after they resell the property”

Do you just make things up? Are you serious? Does that mean if the first doesn’t recoup what they are owed, the second is going to split the cost with them?

What did the BPO come back at on this property, and did the second have their own BPO done? Also how long ago was this property foreclosed on and what made you decide out of the blue to post this?

Chase