How do you proceed with shorting the second if the first does not need to be shorted? What motivation does the second lender have to accept a short sale? I have seen where the second lender wants a copy of the first acceptance letter before giving their acceptance. Any thoughts would be appreciated.
Need more info.
Balances, ARV, BPO
First is $204,000, second is 105,000.
ARV is about $250,000 in this market
BPO (not done yet) but other comps are between 235-265
Contact 2nd, offer them $1000, you have around $35K to play with minus repairs.
Tell them you plan to pay 1st, it’s irrelevant to them.
If they whine, you may have to try another approach.
Their motivation is that if the house goes to the foreclosure sale, the second is wiped out. They get nothing…nada!