I am working my first short sale and have learned allot on this board.
Back ground. County appraised value 295K, 1st Mtg Balance 206K, 2nd 52K same lender. Legal Fees on reinstatement doc show approximately $2500. Behind on 1st 19.3K behind on 2nd $2,900. I know what the bank is going to open with ayt the foreclosure sale on June 7th. I completed analysys to come up with my offer number. I am seeking a second or third opinion.
BTW - I have talked with the owner and he wants me to work the deal to keep the bank from taking the equity.
Last week I posted about a house I was trying to short sale. Here are the results. Monday faxed offer to lender. First lender incates 2 days to assign to mitagator. Story changes while I am on the phone. They need it 5 days prior to the foreclosure sale. Wednesday they tell me it may be 4-6 weeeks before a mitagator looks at it. My attorney sends letter to foreclsoing attorney asking to delay sale. Today it sold at the sheriffs sale. Response from foreclosing attorney client they can pursue a redemption quote for me. Any thoughts where I went wrong or is this response received by others? Should I sent the short sale offer to the foreclosing attorney?