I have some quick questions about a deal that I am now in the middle of…
Am attempting to do a short sale/quick turn of a property and would like to have some help with the next step/negotiation.
Have already collected and recorded the deed into a land trust (I live in Florida)
Approximate retail value of home is 165k
First mortgage beginning foreclosure procedures has a current balance of approx 130k
Second mortgage has approx balance of 30k
Back taxes are approx 5k
Requesting an interior BPO would normally be the next step right? but, the property looks very nice and well maintained. The only negative about the property is that is overbuilt for the street/neighborhood.
What would be my next step?
Do I begin to negotiate with the 1st or 2nd or both simultaneously?
What would be the best way to approach the first given the fact that the interior and exterior of the house present very well.
What would be the a reasonable expectation of discount on the first and second?