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Updated over 11 years ago,
NPN 2nd Tape Bidding
I was sent a tape yesterday that had a note that piqued my interest, actually there were a few notes that I may be interested in. I'm new to the note game though and thought I'd ask others what they percentage they would pay (or range) for the following note.
It's a non-performing 2nd
FMV: $220,000
1st is current and UPB on it is $120,000
2nd is not current UPB is $50,000
Original loan amount on 2nd is $55,000
The property is in Texas
Can anyone give me some sort of idea what sounds like a reasonable bid? I'm quite sure some of you will want additional info, but this is what I'm currently working with. For those of you who are brave enough to answer, could you tell me how much your bid would change if the property were in a different state that wasn't as "lender friendly".