Tuesday, December 8, 2009
Short Sale Dynamics
Here's a deal I'm working. 1st mortgage is $110K, 2nd is $65K. Our offer is $90K. The first mortgage holder has agreed. The second mortgage holder, even though they won't get anything in any situation is holding the whole thing up. Their only leverage is to delay the whole transaction and hope one of us will throw them a bone. no wonder these things take so long.