Short Sale with 2 lenders?

Foreclosures, Short Sales, Tax Foreclosures
1

Need advice on making a short sale work - i have a property i want to sell short. No offer yet but i spoke to a realtor who has a buyer looking for a shortsale deal. My property has been listed for a year and this is the 1st call I ever got. Its a condo in a highrise in St. Pete, FL with lots of other units in same Bldg. for sale.

I owe roughly 100K on 1st and 25K on the 2nd. Purchase price was 140K. No units have sold in this Condo Assoc. in over a year. Actual market value is probably only around 90-100k.

If the buyer offers me say 90K I assume the 2nd will only agree if they get something, right? Is it possible to convine the 1st to agree to get 80K and let the 2nd take 10K to make it happen? How likely is this?

2

In order for the lenders to even consider a short sale the mortgage must be in default. Are you in default?

It sounds as though you could short sale both mortgages. The second you can most likely get for $1,000. It is within reason for the primary to accept $80k as well. A $20K discount isn’t much in the grand scheme of things. Personally, I would start off by offering the primary $50k and work your way up from there.