OfflineWhat does this mean "A SHORT SALE WITH THE SECOND MORTGAGE". Is the primary not in the picture? Since it is so new, what would be a fair discount to offer?
This Property is being sold as-is condition. Built in 2002, this is a two story five bedroom home. Four bedrooms on second floor and one conforming bedroom in basement with master bath. Full bathroom upstairs with laundry room. Great room and full bath in basement and 1/2 bath on main level. This will be a short sale with the 2nd mortgage co.
Thanks!
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Anyone care to answer their best guess?
Just a guess so this might be wrong but it might be a 10-80-10?
I bought my house from an MLS listing short sale with a 10-80-10.
80% 1st mortgage
10% 2nd mortgage
10% down
These are no longer part of the banks loans anymore but they were used to get around mortgage insurance. I did need to pay any with this type of loan.
It might be that both are in play with this house.
Just a thought.
Thanks for the response. I'll have to investigate this further.
I bought my house from an MLS listing short sale with a 10-80-10.
80% 1st mortgage
10% 2nd mortgage
10% down
These are no longer part of the banks loans anymore but they were used to get around mortgage insurance. I did need to pay any with this type of loan.
It might be that both are in play with this house.
Just a thought.