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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Negotiating with a 2nd in foreclosure Posted by Gina (Northern CA) on May 16, 2002 at 9:54 AM Hi Ward: First want to say what great information is presented on your board. I look forward to meeting you someday. We are working on a lead right now that we got on a letter mailing to a pre-foreclosure. There is a first on the property in the amount of $249,000 that is being foreclosed upon. There is a second on the property in the amount of $54,000.00 that is also in default. The holder of the second note is a private individual and he is experiencing financial difficulties. How would you approach the holder of the second and begin negotiations? How much would you offer for his position, or as in the secret of negotiations do you let him name the price first? I have read somewhere that sometimes when they know that their position is being wiped out that they will settle for pennies on the dollar. Looking forward to your suggestions. We are in the process of getting the owner to quit claim the property to us today, so will need to start working on curing the defaults. Thanks, Gina Hinds Follow Ups: Strategy on buying a junior lien.. Ward-CA- 7:08 PM, 05/17/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi Ward: : First want to say what great information is presented on your board. I look forward to meeting you someday. : We are working on a lead right now that we got on a letter mailing to a pre-foreclosure. : There is a first on the property in the amount of $249,000 that is being foreclosed upon. There is a second on the property in the amount of $54,000.00 that is also in default. The holder of the second note is a private individual and he is experiencing financial difficulties. : How would you approach the holder of the second and begin negotiations? How much would you offer for his position, or as in the secret of negotiations do you let him name the price first? : I have read somewhere that sometimes when they know that their position is being wiped out that they will settle for pennies on the dollar. : Looking forward to your suggestions. We are in the process of getting the owner to quit claim the property to us today, so will need to start working on curing the defaults. : Thanks, : Gina Hinds Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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