Some quick facts of recent trannies I have closed that were short sales.
1 – There is not a single case where a second received anywhere close to full value on the loan.
2 – Just closing one in Vista. Second is getting about 18% of the total balance of which half of it is coming from the first and the buyer and buyers agent are coming in with the balance.
3 – From what I have seen the firsts generally offer the seconds about 3% of the balance. The seconds usually demand much more.
Most seconds do not choose to foreclose because of the existing risk. They then not only become responsible for the first, and the property taxes, and IRS liens, and other liens but it is simply not even close to profitable for them to do so because if it was they would be flipping properties right and left.
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If you want to check sdrs statistics guys, he does do alot of short sales so what he does say about the process carries alot more real life experience and truth then most internet articles and speculative statements made by posters. I do a few and cannot disagree with what he says at all.
