Avoid Getting Into A Jam With Second Mortgage On Bellevue Short Sales

Real Estate Agent with Homes Northwest

Bellevue WA – 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.

Here was our answer to Bonnie's Question. click her for story


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Paul Nelson

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