I will be putting together a short sale packet to try to short a second mortgage. The sale is on Monday February 5th.
Can I make an offer to short the second before they even get any paperwork in, and then send it in afterwards or will they want things like the Purchase and Sale agreement and the HUD1 before they even consider negotiating with me? There is very little time and in this case the second mortgage holder is likely to not get anything for their loan if the house goes to auction on the 5th.
talk to the first lender,assuming they are foreclosing and ask for more time. you dont have enough time to do anything. Tell the 2nd that you are offering 1000 to pay them off depending on how loarge the loan is. There is not enoguh detail here to tell.
steve
thanks, after talking to the seller some more he wasnt interested in even trying a short sale because it was my first one. Any tips on how to overcome this objection next time. I was going to say that you dont have anything to lose, just sign the release and let me do my work but he cut me off and hung up first. -Ben
Dont let the HO know its your first one. Just give the impression that you have done them before. When I meet HOs for the first time, i simply introduce my self and ask how can I help. OF course my first one was a referral working with another investor. But I wa introduced to the HO as an associate. I didnt let on that it was actually my frist deal. I gave the impression that I actually knew what I was doing… Knowledge is great, but doing is even better.
contgrats to you, you took the first step. The next one will get you further.
steve