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Forums » Short Sales » Short Sale Situation: 1st is owed less than 2nd

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Tag Tags: second wholesale short-sale


Shane Schaetzel

Real Estate Investor · Mayville, Wisconsin


Forum_avatar_avatar-westonhunter

Dec 13 '10, 02:50 AM

Good afternoon,

I have a seller who has a situation that I have yet to cross.

Seller is going through divorce, 6 payments behind, Home is vacant, typical 3 bed 1 bath home in Urban America.

1st is with Wells with approx 55k owed
2nd is with GMAC with approx 62k owed.

FMV is 115k

Seller contacted me to purchase property by Short Sale. I have to admit that I never have been faced with the situation of having a second being larger than the first.

I am looking for the best possible exit strategy on this one, also if anyone has had a similar situation arise if you could share your thoughts.

Thanks!

Shane


Steve Babiak

Real Estate Investor · Audubon, Pennsylvania


Forum_avatar_avatar-stevebabiak

Dec 13 '10, 04:58 AM

The first will be able to see that they will get paid in full, so they aren't likely to short. So go after the second to see what discount they'll take.

Oh, and why aren't you asking this of your "hired mentor" that you mention in your "Status" line?


Shane Schaetzel

Real Estate Investor · Mayville, Wisconsin


Forum_avatar_avatar-westonhunter

Dec 13 '10, 05:05 AM

Steve,

Thank you for the response. This is what he advises as well. I like to get other points of view every now and then on certain situations. This is what the forum is for correct?

Thank you again,

Shane




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