Columbus OH – We received a question from another
agent on short sale negotiations. Here was their email.
"I am having a problem on a short sale and would like to know how to avoid
it next time. The first mortgage gave me a price and a net they would allow.
The home sold for enough money to get them the price and their minimum net they
said they had to have. We put together the closing statement with the first
receiving what they wanted and the second mortgage receiving $9,600.
The second had asked for $15,000 and are saying that they won't accept less
than that. Any suggestions on this one? What would have been a better approach?
Maybe offer the 2nd a smaller amount to start?
I used the same HUD to present to both, getting the firsts approval first.
Please advise. Bonnie."
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
Here was our answer to Bonnie's Question. Here is
what I would do to avoid this in the future. Put together two separate closing
statements, one for each MTG company.
The first mortgage would see a proposed closing statement with $20,000 going to
the second mortgage. Meanwhile the second mortgage would get a proposed closing
statement with them receiving $3,000 and the rest going to the first mortgage.
Obviously they are going to get the same HUD at closing. But, you start
negotiations with each mortgage company thinking that the other mortgage
company is getting a huge sum.
You meet with the final closing statement. They will both be happy
because they are getting more than they had originally expected.
Now, what can you do now to close this short sale?
This second mortgage negotiator is being a little unreasonable. Most second
mortgages only receive $3,000 normally. They should be more than happy
receiving $9,600.
Remind them that they get zero in a foreclosure. Show them the docket status
for the foreclosure case. If the house is close to foreclosure, then you gain
more negotiating power.
Another thing to do is get both of the negotiators on the phone. Have them hash
it out between each other. That worked for us on a deal before and it might
work for you too. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an
e-mail at robin.lemmons@kingthompson.com.
I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any
questions you may have. Or, if you prefer, you can call me at 614-741-2495.
Discover how other sellers successfully completed a short sale and request a
free consultation by clicking
here. http://columbusohshortsaleadvisors.com
Thinking about a loan modification? Our Columbus loan modification kit has the
instructions you will need to get a loan modification approved with your bank.
Click
here to request a copy.
Thanks for reading this, Rick and Robin Lemmons.
Rick and Robin is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Rick & Robin Lemmons specialize in helping Columbus Homeowners short sale
and never pay the bank another penny. Columbus Loan Modification Help, Columbus
Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus
OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Important
Notice
Rick and Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure
Institute are not affiliated in any way, shape, or form with the government.
Our services have not been reviewed or endorsed by the government or your
lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to
help you on a short sale, your lender may not agree to a short sale or to
modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else
in life. It takes work and persistence to convince your lender to modify your
loan. No matter what you or we do, your lender may not approve a loan
modification.
We do not recommend that you stop paying your mortgage, because this will cause
damage to your credit and could cause you to lose your home. Because we know
avoiding foreclosure is so important to any homeowner, we recommend that you
speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a
licensed professional before making any decision. Information is deemed
reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your
lender if it does not meet your approval. If you decide not to go thru with the
short sale, then you do not have to pay us our fee. We normally make a real
estate sales commission for helping you on a short sale.
The views expressed here are Rick and Robin's personal views and do not reflect
the views of Coldwell Banker King Thompson.
This information on How To Avoid Getting Into A Jam With Second Mortgage
Negotiations On Columbus Short Sales is provided as a courtesy to our viewers
to help them make informed decisions.
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