Leilani Alma…, Real Estate Pro in Bonita, CA

Short sale? I have approval on the 1st but the 2nd wants $5k more. Can the buyer increase the loan $5k?

Asked by Leilani Almazan, Bonita, CA Wed Nov 26, 2008

I'm have an approval for the first but the 2nd lien holder wants and additional $5k to settle. The seller has NO money and the buyer is willing to increase their purchase price to $5k more. Will the 1st mortgage holder allow the 2nd to receive that additional $5k. Has anyone had this happen when the 2nd won't settle? Any suggestions? I'm stuck! Thanks!!

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BEST ANSWER
Yes I have. I had a short sale approval last year from two different banks. The first bank already accepted our offer but the second wanted at least $3k, so I had the buyers increased the offer by $3k and settled both.

Charita King
562-276-8681
0 votes Thank Flag Link Sun Nov 30, 2008
Leilani --

If the appraisal will support the increase in price - that will be best.
Otherwise it can be a commission split between you and the other agent.
It is always worth a push back but depending on how long you have been waiting, better to get the approvals and move the deal forward.

CJ
Web Reference: http://www.TalkToCJ.com
1 vote Thank Flag Link Wed Nov 26, 2008
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