Monday, August 26, 2013

How To Avoid Getting Into A Jam With Second Mortgage Negotiations On Columbus Short Sales

 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.

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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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