Re: SHORT SALE OR DISCOUNT NOTE??? - Posted by Fred K.B. (SoCal)
Posted by Fred K.B. (SoCal) on March 02, 2002 at 19:03:46:
The numbers don’t add up, for sake of clarity and because it really doesn’t matter in the big picture, let’s ignore the pennies, do some rounding and worry about the piggybank stuff later…
The principle balance of 139k plus total arrears of 24k = 163K. Where does the $169K figure come from?
Also that seems like a bit much for the arrears. Figure the 1st was 175K, payments at 10% for 6 months would only be about $10k, with total arrears of 24k that?s an awful lot of fees.
Go ahead and shoot for 80%, that?s a reasonable amount, might even ask for 75%. These people work with numbers for a living, they don?t live in the house, don?t worry about them taking it personally and not working with you in the future, to them it?s just business.
We tried to discount a second with HFC from $18,500 down to 5,000. They didn?t laugh or hang up, they just went to the supervisor and we finally settled at $9,000. Just business.
Now your second may be with a private party who very well be in no position to back up his position. 500 to 1,000 may be very do-able.
If you get the first to play ball, you should have no problem with the timeline because they?ll work with you. If they won?t cooperate, and you still want to do a deal, 18 days should be enough to do the deed. If you need more time have the owner file chapter 13 and buy an extra 30 days.