Has anyone had any experience with negotiating a short sale for Travis Credit Union or Wells Fargo? If you have I would like to know what approximate percentage they might ask for from the first and or seller in order for the to approve of the sale. Thanks in advance for all of your suggestions and help.
For Wells Fargo, it's going to depend heavily on how much is owed. If it's a nominal amount, $3k-$5k should be sufficient. I don't usually go over 10% with them.
Thanks Barb and Michelle. The second loan amount totals $89,000 so hopefully they will settle for less than 10% of this amount.
As far as I know, 10% is the norm with Wells Fargo in my neck of the woods.
Today is the first day of the rest of your life -- make it a good start.
Yeah that's the question now Gene. I think I can get it negotiated into the price hopefully.
It depends on the state. In Colorado they get completely wiped out. I'd offer $2,000 and start up from there.
MIKE,
Typically, I don't negotiate the amount. I send them a Pre-HUD with about $2,000 on it for the second lein holder--whoever it is. If the second lien holder knows that there is an agreement with the first they will hold out for as much as they think they can get. At that point all the parties are eager to get it closed and they know it. The Promissory Note will be much higher. Most 2nd lien holders know they won't be given too much by the 1st so it will be either a Promissory Note, an Approval or a flat out refusal to get it done. It's better to know that at the beginning.
I had a case that the first lien holder agreed to their take and the second lien holder wanted $5,000. The HUd showed $2,000 so we were able to get the contract price to be ammended by that amount and everyone got what they needed.
So remember, negotiate with the second first.
I've seen them between $1,000 and $5,000. A lot of times its up to the first lender, they have the maximum already set as to what they offer the 2nd lien holders.
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