Making a SS offer with different lenders

Id like to see how the more seasoned short salers would approach making an offer with two seperate lenders.

After doing comps and estimating repairs, I came up with my max offer on the home of 87,500.

Payoff breakdown is:

1st: 65000 HomeEQ is the loss mit
2nd: 50000 HSBC is the loss mit (HELOC)
Total: 115,000

Should I even try to discount the first or should I just hammer the second one? What kind of numbers would you throw at them?


Tucson, AZ

I think I am going to see if the first will make a small concession

Offer the 1st 55, and the second 10. Start there.

What is the house WORTH? If its only worth what they owe, 87 is a bit high don’t you think? IMO, I’d start at 50% of their loan balance, and go from there.

Thanks Slondeau. Comparables show the home to be worth 150k(excludes repairs). This home needs 25k in repairs. I have had success in the past in my short rei career when I can purchase @ 70 cents to the dollar. That is where I came up with my best offer of 87,500.

…still waiting for BPO

I see… well in that case… you could payoff the first in full, and then start lowballing the 2nd. Give in to give them 10-15 K. If the 1st is foreclosing, the 2nd will be pretty motivated to deal.

WACK em!