Home Buying in 89130>Question Details

Kurtis, Home Buyer in Las Vegas, NV

las vegas nv. Does the listing Broker negotiator on the second loan before Bank has set a price on first on short-sale?

Asked by Kurtis, Las Vegas, NV Mon Aug 8, 2011

My agent told me negotiator get the second to agree, then it go back to first lender to set the selllng price.I have offer on a home I like. Why would a Broker negotiator then there no set price on the House?

Help the community by answering this question:


If the offer is below the loan value of the 1st loan, then the second will get nothing, and will certainly NOT agree.
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.

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0 votes Thank Flag Link Mon Aug 8, 2011
Hi Kurtis,
The second should be happy to get 1 1/2% . Often they want more However, if it goes into foreclosure they get nothing. is my understanding.

Helene M Moore
0 votes Thank Flag Link Mon Aug 8, 2011
Hi Kurtis,
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.
Mike WIlson
Fortress Real Estate Services
0 votes Thank Flag Link Mon Aug 8, 2011
Hello Kurtis,
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
0 votes Thank Flag Link Mon Aug 8, 2011
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