I am dealing as short sale.
Ist lien holder agree to accept my offer, but they want to give the 2nd lien holder $3,000.
But the 2nd lien holder at least 10%($15,000) of the original balance to release the lien.
I can not put $15,000 on the pre HUD-1, right?
I suggested to the 2nd lien holder that they can get $3,000 to release the lien and the seller will contruibute $12,000 for unsecured note paymenst after closing.
They said NO. They want to get $15,000 before closing.
How do your guys solve this problem?
Hi Lee,
There are a few ways to do this. The main rule to remember is that this is all just a game and all you have to know is how to play it.
One way is to wait. Let the second lien holder feel a little heat and then call them. Tell the second lien holder that since the first is taking a hit, FIRST POSITION lien holder is only willing to allow the second lien holder to recieve 3 thousand dollars.
You have to take yourself out of it. You aren’t allowing or offering the second 3g. Its the first position lender doing it. Present in a way whre its not under your control because it really isn’t and that we just want to get this deal done before the buyer disappears.
Best of luck…
Hi, TheInvestorAcadamy!!
You said there are some ways to solve this problem.
I have several deals that there are 2 liens on the properties.
IF you don’t mind, can you share the some ways with us?