We currently own a home that we cannot make the payments on, so would like to get rid of it via short sale rather than letting it go into foreclosure. We owe 170,000 on it. 120,000 on a first mortgage and 50,000 on the second mortgage. I would guess it would appraise somewhere around 165,000. But with the current market it would be hard to get what we owe, let alone what it’s worth within a reasonable amount of time.
My first question is b/c there is a second mortgage for 50,000, would the lender be less like to accept an offer (of say 150,000) since the percentage of the loss would be much greater than if there were only one mortgage on our home?
Also, in general, what would be an acceptable SS offer to a lender for our home?
Should we list our home with a realtor, letting them know we would like to do a short sale? Or should we seek out investors that buy these types of deals, such as webuyhouses.com?
Considering we do complete a short sale, will this be public record?
Should we try to get the house completely ready for someone to move in, meaning completing the remodeling that we have started? Or isn’t it worth the time & money? I guess it depends on what a buyer wants.