In the past, the bank followed Fannie Mae’s policy of giving second lien holders about 10 percent of the second mortgage balance in a short sale.

An offer of 488k is coming in from a Realtor ASAP.The bank would net 386k (my gross offer is 402k)Today the 1st lien holder (CW) called me that their countering my offer to 520k.

For example, FHA will only pay a max of 2k to a second when they are the first lien holder.

(2) The up-leg buyer (note holder) could contribute cash into their own 1031 exchange (boot paid) in order to complete the 1031 exchange.

Here is the way I understand it (Bare with me since I'm not a lawyer) The grantor (Meaning the mortgage holder) declares that he /she/ they were paid the money owed to them by the Grantee ( The borrower) and therefor they release the property.

You won't collect enough rent to buy the property before the mortgage holder forecloses on you.Not to mention,(even if you can pony up the cash) after paying all the liens off you're still getting into the property at it's normal fmv.

A short sale is itself a negotiation asking a mortgage holder to accept less that what they have legal claim to.

Part of the documentation the mortgage holder wants is a signed purchase and sale contract.

REO Seller asking 99,900Property 1 1500 sq ft split ranch SF 3 bd 3 ba 2 car garage120k-138k ARV comps 109900-115000-151300-167900@ 65%- 20,000 REPAIR COST -4 POINTS -6 MONTHS INTEREST ONLY MONTHLY PAYMENTS @12% ROLLED INTO THE LOAN WITH 3 EXIT STRATEGIES in hopes of moving the properties quickly because even the best laid plan can fail as we were told and read we need to be prepared.WE WANT TO OFFER TO THE SELLER BUT NEED POF before we can even make an offer$55,200.00 CASH OFFER with hml or pml backing.REO Property 2205,825 ARV117,325 listed with the information we have found so farstill waiting on county assessor to get deed info from mortgage holder.

But like I said since the mortgage holder passed away, I'm not sure the relevance of the information.