This one has a 1st of 22,000,2nd of 452,000,3rd of 56,000
I was told the the bank will forgive the 2nd and 3rd how do you negotiate the deal?
I’ll bet you weren’t told by the bank that they would forgive the second. They aren’t going to write off $452K. They’ll buy the first themselves for 22K before they will do that.
Do you even know if the notees are all held by the same bank or not?
Whoever is holding the 3rd is probably going to be happy to settle for anything they can get.
how would u suggest i proceed to wholesale props like this?can it be done?
This is a short sale calling for some serious negotiating techniques (negotiating with the second and third mortgage holders).
To start with, you need to get a complete Short Sale Package Signed by the seller - which includes Authorization to Release Information, Warranty Deed to Trustee, Limited Power of Attorney, Trust Agreement, C.Y.A. Letter, Purchase and sale Agreement, and all of the mortgage information on the 1st, 2nd, and 3rd mortgages.
Then go to the banks and request their short sale packages.