I recently signed a contract subject to a short sale. I have submitted my offer and package to the 1st lender. I am still waiting for authorization for the 2nd. I think I understand that what you offer on the 2nd largely depends on what the 1st will accept so how do I make my offer on the 2nd before I know what the 1st will take?
Thanks for any imput! J
From my understanding of the process, still learning, anybody can correct me on this. I belive the 2nd will take a big loss. Just point out to them, they wont get anything if the home goes to auction. It also depends on how big the 2nd is. ex. for a 20k second, there is a possiblity of telling them 2k. I heard somewhere that normally 2nds will go as low as 10 percent and then clear it off their books. If anybody else can verify this for me would be greatly appreciated.
Offer the 2nd 10% of the amount.
Cliff