For instance, Bank of American and Beneficial Finance have proven to not play well together in the past. This oil and water combo ends up on the investor 'Watch List" and on the first look plans of 'A-list' buyers.
Representing the buyer places you in the least significant position in the process. As others have indicated, you are at the mercy of the listing agents strategy for resolving short sale situations.
As you are aware, there are no rules in the 'Wild, Wild, West" and agents have created solutions that best resolve the issues they see. Unfortunately, every short sale is different and requires a fluid strategy. The solutions that worked yesterday may not work today. It's stressful and unfortunate by product of a dysfunctional process.
It is a shame that every agent involved in a failed offer truly believe THEY could have solved all issues due to their incredible skill, advanced education, and train of letters following their name. The reality is..."Stuff happens!"
However, if you don't submit the offer, the answer is ALWAYS NO!
As Walter pointed out, the 'super lien' status HOA impose presents an issue the listing agent needs to know how they will resolve. Quite often the buyer will need to resolve this problem with a stack of dollars..
Short sales, aren't they simply DELIGHTFUL!
Many short sales with two lien holders do actually close but not necessarily in a timely fashion. Not that any short sale closes in a timely fashion : ) It's good that you did due diligence and found out that there are two lien holders (many agents do not due this) and you can advise your buyers to expect snags along the way and to prepare them for possible delays - - or worse. . . to not actually reaching the closing table.
There are no guarantees for anyone involved in a short sale. Not for the seller, the buyer, the agents, etc. But, it's a different story for the lender(s) as it is they who hold the cards and they can deal out what they want or feel the need to deal out.
JOAN LORBERBAUM MOORE
Broker Associate, GRI
9858 Clint Moore Road
Boca Raton, FL 33496
I would say yes. There are "easy" and "difficult" lenders, but at the end the short sale gets approved. Submit your offer, be patient, and follow through with the listing agent. If listing agent is not helpful, then you need to move on
Most banks will accept $3,000 to $6,000 as a payoff. Good luck and don't let that discourage you.
short sale negotiator on your side.
Most 2nd position lien holders will usually settler for 10 cents on the dollar.
A lot of the short sales on the market now have both first and second mortgages or home equity loans.
Two liens is standard... just make sure the listing agent know what they are dong... and the have the process buttoned down!
Best of luck!
Ron Escobar, MBA
Broker & General Contractor