Short sale Q's

Foreclosures, Short Sales, Tax Foreclosures
1

I have an owner who bought the property in dec 2004 for $398,000 and have done 100% financing.
The 1st lien is $318,000
2nd lien is $76,000
The bank is extemely furious cause he has not made one payment.I spoke to the bank and told them that I have a buyer for this property. They asked me to fax HUD-1. I don’t know what offer to make them. They are not willing to send me anything but if they like my offer they’ll consider it. Should send them the low comps, hardship letter etc or just the HUD-1. Also the Tax assessed value is $344,000 and the house is very big in that area 4700 sq ft and in that area houses move slowly explained by the appraiser. The lowest comps $70 sq ft. Should I pursue this deal or move on? Any assistance or guidance will be highly appreciated.

Thanks,
sherry

2

Any house with 2 mortgages is good to short sale.

A lot of 2nd mortgages, you can offer them 10 cents on the dollar.

If I were you I would offer the 1st 305,000
The second 7,600

The second should take your offer, if they don’t they will get nothing.
You should let them know that YOU know that!