The 2nd will want to get something, so the 1st has to calculate how much they have to give the 2nd before determining what they will accept.
David Cooper. Foreclosure Specialist with 35 Years Investing Experience. Get your Free List of Low-Priced, Bargain Homes with Great Investment Potential Call +1-702-499-7037 or see website
Short sales are often tricky and confusing, especially from the buyer side when we do not have all the information. However, in this circumstance, it seems from the language you used, they have already gone to the first and the first is requiring an approval from the second before making their final determination. In essence, the first doesnt want to take the time to evaluate if the second is not going to agree so they get the amount the second is willing to accept. Your offer should be the price they are negotiating for. I hope this is helpful.
Fortress Real Estate Services
The agent should be in contact with both banks, but remember the first bank has the final say so. Second in line gets what's left over, maybe.
Penny O'Brien with Simply Vegas