Question: I just purchased a short sale home in AZ. GMAC had the 1st position and Indy Mac had the 2nd position. We signed and the short seller signed. The HUD was sent to title and it was registered and released. However, the short seller and broker says we still owe Indy Mac 15K and won’t get the home. Can this be possible?
Answer: -Sure, if that’s what you negotiated with them. On the HUD it should show the amount each lender will be receiving. The 2nd always wants something in order for them to release the lien or else it makes no sense for them to do it. They’d be better off letting it go to auction and hope someone bids past the opening bid. The 1st typically wants to know how much the 2nd is receiving because they don’t want them to get anything, which is why sometimes it has to be handled outside of closing.
Tags: HUD, short sale
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Jarad, I am writting to you two weeks after I purchased your
e-book and one week three days after I bought a
property based on your negotiation skills. I know it
was not sheer luck. I just wanted to drop a message and let you know
that three days after the purchase, I sold the
property (still in escrow) for a $40,000 profit. I must thank you for your e-book.
Your excited student
M. Ondieki
Hello Jared,
My husband and I ordered your ebooks 3 days ago and quickly read over them. I must say, we really like what we have seen! We have gone through pricey seminars, bought countless programs (audio and books) and have yet to come across one that really gives you info on the actual "HOW TO" of a short sale! SO.....thank you, thank you, thank you!!!!!
H. and J. Russell, TX
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