Chula Vista Sort Sale Help. Two Mortgage Companies Fighting Over Money.

FOR IMMEDIATE RELEASE
Chula Vista, California, United States of America (Free-Press-Release.com) December 4, 2011 -- Chula Vista CA – The Mike Watson Group at Keller Williams Realty in Eastlake CA recently received a short sale question from another agent named Bonnie. Here was her question.

“On my short sale, the first mortgage gave me a price and a net they would allow. The title company put together the closing documents and paid the first more than the minimum net they needed.

Then, I offered the second mortgage what ended up being 12% of their loan. They are owed 76K, I offered 9600. Here is the problem. Now, they want 15K and are saying that is their final offer.

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Chula Vista Sort Sale Help. Two Mortgage Companies Fighting Over Money.

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I do not think the first will allow them to receive that much. The first is HSBC. Do you have any suggestions on this one?

What would have been a better approach…offer to the 2nd on a different HUD a smaller amount to start? I used the same HUD to present to both, getting the firsts approval first. Bonnie.”

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The first would see a closing statement with 20k going to the 2nd. Meanwhile the 2nd would get a closing statement with 3k and more money going to the first.

Robert Ringer, in his book Winning Thru Intimidation, talks about this problem. He was working as a mortgage broker on a hard money loan for a development.

He had to juggle the lender bringing money to the table and what the developer would net at closing. Plus, he had to make some money for himself in the middle. What did he do?

He started out telling the lender he needed to grant a big loan and told the borrower he was getting less money. He juggled those two and ended up making some money in the middle.

Here is what you can you do to close this short sale. This 2nd mortgage negotiator is being unreasonable. Escalate the file, show them the MLS history, and remind them that they get zero in a foreclosure.

Show them the docket status for the foreclosure case. If the house is close to foreclosure, you gain more negotiating power. Another thing to do is get both of the negotiators on the phone.

Have them hash it out between each other. That worked for us on a deal before and it might work for you too. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at mikekwcv@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (619) 743-8884


Thanks for reading this, Mike Watson.

Mike is a Real Estate Agent at Keller Williams Realty. Chula Vista Short Sales Realtor:

Phone: (619) 743-8884. mikekwcv@gmail.com.

View My homes for sale at www.sellingchulavistahomes.com.

Mike Watson specializes in short sales in Chula Vista California. Chula Vista Loan Modification Help, Chula Vista Short Sales. Chula Vista Short Sale Realtor. Chula Vista CA Short Sales. Chula Vista Realtor.

More information can be found online at http://chulavista-shortsales.org

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