How do I structure a SS that has a 1st and a 2nd????

I’m a RE Agent and decided to put offers on all 58 SS in the MLS (on my 8th one now…) :evil and I faxed over the PA to the other RE Agent representing the seller. I spoke to him and he said there is a 2nd mortgage. I’ve only done one SS and it was a huge success. I have read that I should only offer the 2nd lender like only 1K or 2K? Is this accurate???
Here’s the breakdown.

1st - 260K bal
2nd- 50K bal
Value = 300K

Question: Should i give the first what is owed and completely wipe out the 2nd (maybe a G or two?) :banghead Thanks guys, you guys are awesome!

From what I have read, the 2nd will accept an offer of around $1000 to rid of the lien because they will recieve nothing if the property is forclosed and sold at auction. I have no real experience in this so wait for verification by someone more qualified.


Not enough info.

Is it in FC? Is the HO filing BK? What repairs does it need? Which banks?

But at a pinch I’d offer 1st 150K and 2nd 1K

Thank you JDS. I live in NM and it’s a Judicial Foreclosure state. I was reading “Guide to Advanced Investing Techniques” by Alexis McGee (she owns and i’m thinking i’m not going to be able to buy the note for a discount JDS :frowning: or…wait a minute. If i can’t buy the Mortgage Note from the 2nd lender since i’m not in a Deed of Trust state than what are my options? Should i "short the 2nd than? (what difference does it make if someone buys the note for 1000 bucks or shorts it down to 1000 dollars??? I’m confused still.